Application Tips

Listed below are several tips to ensure that you receive a timely decision on your loan inquiry. These tips are designed to help borrowers avoid some of the most common pitfalls that cause delays in their loan approvals. Half of the entire loan process is dependent upon the borrower. To ensure a speedy credit decision on your loan inquiry, be sure to read and follow our helpful tips.

Provide all documentation that is requested. Any missing documentation is likely to cause a delay in your loan approval process. To obtain loan approval, you will typically need to produce:

  • Pay stubs covering most recent thirty days

  • W-2 statements covering the past two years
  • Bank statements covering the most recent two months (with all pages)
  • 401K, IRA, or Mutual Fund accounts showing most recent transaction summary
  • Stocks or certificates of deposit (copies)
  • Purchase and sales agreement (copy)
  • 12 months cancelled rent checks or the name and address of your current landlord (if applicable)
  • Fully executed divorce decree (if applicable)
  • Deed, hazard insurance policy, and most recent tax bill if you are refinancing (copies)
  • A letter explaining any known credit problems or fluctuations in income

If you are self-employed, paid by commission, or own real estate used for rental purposes you will need to produce:

  • Two years signed personal federal income tax returns including all schedules
  • If self-employed through a corporation, the last two years' corporate returns as well as a year-to-date profit and loss statement and balance sheet
  • If additional information or documentation is requested, please provide it immediately.

Other tips to consider:

  • Read all disclosures carefully and ask questions if you need clarifications. It is best to communicate all requests and clarifications in writing early in the loan process.
  • Ensure that the income you report on your application is the same income as that which is reported on your tax documents.
  • Inform your loan officer of any past credit problems.
  • Review your credit report carefully to verify its accuracy.
  • If you are thinking about obtaining any other type of credit before the closing of your loan, please contact your Loan Officer or Loan Processor beforehand.
  • When signing your closing documents, sign your name exactly as it is printed. For example, you may need to include your middle name or initial in your signature.