The Mortgage Process
The best approach to applying for a mortgage can be summed up in two words: Come prepared.
The Interview
Your credit union will need documentation to back up the information you
fill in on your application form. The checklist below will help you in
assembling the necessary documents. Bring everything with you to the interview;
it will help speed up your application process.
Loan Interview Checklist
- The complete signed purchase contract including all exhibits/amendments and/or counteroffers.
- A receipt for earnest money on deposit
- Proof of income - Bring stubs from last month's paychecks and W-2 forms for the last two years.
- Statements for all checking, savings and deposit accounts
- Stock/bond statements
- Income statements from social security, disability, retirement,
alimony and/or child support. - Your checkbook, to pay fees
Bring Your Checkbook
There may be fees due at the start of the application process as well
as at closing. Fees may include items such as:
- Credit record
- Appraisal fee
- Loan application fee - nonrefundable fee regardless if you are approved or not.
- Title Insurance
- Flood insurance - applicable only if you are in a flood zone.
Check with your credit union to determine which fees will need to be paid up front and those that will be due at closing. Many institutions lump all of the fees into one as one final processing fee that is due at closing.
