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Navigating the Mortgage Process

Step Two: Loan Application

With all of the changes taking place in the mortgage industry, we asked our colleague Craig Tashjian of Fairway Independent Mortgage to share his expertise. Here is the second in a series of posts about the mortgage process and what you can do to increase your chances of a stress-free, successful transaction. Take it away, Craig!

There are five essential steps in the financing process when buying a home. In the first installment we discussed the critical importance of being pre-approved properly so that you are confident when making an offer on a home that you can secure the financing for it.

Now we'll discuss submitting the full application. Once you have an accepted offer it's time to speak with your loan officer again. At this point you will update any documentation that is needed to process and underwrite the loan such as updated pay stubs and bank statements -- financial documents must be less than 90 days old before the loan closes. If you have any credit inquiries on your credit report they will need to be addressed. You will need to document any large deposits of $1,000 or more in your bank account. It is important to copy checks before depositing or invoices of any large deposits for the three months prior to purchasing so they can be easily documented. Once these items are confirmed and addressed, an application package complete with disclosure forms will be sent to you. I recommend you sit down and review these with your loan officer to ensure your complete understanding of the process, what is being submitted, and any additional items that may be requested -- this will keep unexpected requests and surprises to an absolute minimum.

In part three, we'll discuss submitting the loan into processing.

Craig Tashjian is Vice President of Fairway Independent Mortgage in Needham. You can reach him at 617-417-2966 or craigt@fairwaymc.com.

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