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BUYERS GUIDE

Your preliminary approval can be issued the same day you apply depending on the complexity of your profile. Please do not make an offer without our preliminary approval issued to you and your real estate agent. You may apply in person, by phone, or online: click to apply    

After you apply, we will let you know more specifically what we need. Here is a sample needs list for your review:

___2 most recent pay stubs.   

___2 years most recent W-2s from all employers. 

___2 years tax most recent tax returns. We may be ok with just W2s. We would need tax returns if you own multiple homes, you get SSI and/or pension, dividend/interest income, you earn greater than 20% of your income by bonus/commissions, and/or you own a schedule C business, LLC or 20% or more of a corporation.        

___2 month’s most recent checking, savings and retirement statements, all pages included.

___2 forms of ID such as front and back of driver license, passport photo page, and/or social security card. At a minimum we need your driver's license to verify your identity.  

Here are your options to supply your documents;

* Arrange to hand deliver to Kevin. 

* Upload to our Secure Guest Up-loader at: 

https://www.nwmortgage.com/GuestUploads.aspx  
(Call or email Kevin for password to use this)

* Or- email items to kevind@nwmortgage.com using password protection if you have that capability. Call Kevin with the PW you set.   

After you apply, and we have your documents: Meet with Kevin by phone or in-person to go over your file and discuss what terms we can offer you. Make sure we are aware of any IRS payments, child support, alimony you may be paying, and if you have any brand new debt that may not be reporting on credit report as of when we meet. We need to precisely calculate your debt to income ratio to properly present you for underwriting. Also, do not apply for new credit after you apply with us. This may create issues in loan processing, and may even create a loan denial if your debt ratio goes over a maximum. Do not borrow money for closing without discussing it with us first.    

Green light to shop, go find a home: Let Kevin the sale price and taxes of the home you are interested in. Kevin will supply Fee Worksheets showing breakout of costs, monthly payments, down payments, and funds required to close so you can see if that home works for you, and Kevin can be sure you qualify for that home. All looking good, Kevin will write a preliminary approval for you and your realtor. Then you make your offer.      

Offer accepted: Time to discuss locking or floating your interest rate. We prefer to lock when your offer is accepted. We generally do a 30, 45 or 60 day lock. The longer the lock period, the higher the points cost. Your loan must close in the lock period selected or an extension fee is charged. Upon locking or indication to float, we will produce a formal loan application package with Federal / State loan disclosures and a “Loan Estimate” also called a LE that shows the terms you locked (or floated) and the costs associated with your loan. You will access and sign this package electronically and confirm your intent to proceed. Then, we will put your file in for formal underwriting and let you know what additional conditions may be required.  

Get your home inspection, we order the appraisal, find insurance:
Let Kevin know you are good with the property before he orders the appraisal. If you are good with the property condition but you negotiate a better price or seller credit due to inspection items, be sure to give us the addendum. Then, call your auto insurance agent and let them know Kevin will be calling with loss payable info.         

Appraisal is back, submit your final conditions if any: You will receive the appraisal by email the same time we receive it. You will access it from the link so the lender can confirm date you receive it. If it comes in low, you will consult with your agent. If it comes in high, we keep it between us, and Congratulations! The appraisal is then underwritten with insurance binder and any other final conditions you have supplied. This is the Clear to Close underwriting run.    

Closing process begins, Closing Disclosure is issued: Also called a CD, this is an important document you will electronically accept similar to the LE. It gives another view of financial closing details. From the point you accept this electronically, a three business day wait period starts before you are able to sign final loan documents at escrow. The day you accept is day one, then business days and Saturdays count. The figure shown to close on the CD is not always the actual figure you should get a Cashier’s check for, but it should be very close. Kevin will assist you with getting a final figure to bring to your escrow closing. You will bring a Cashier’s check and photo ID to signing. Keep in mind we like to set your appointment for signing closing documents a few days prior to the actual closing date shown on your purchase agreement. This gives the lender time to review the buyer and seller docs signed and request anything else to be signed if needed.

Keys are almost yours: Once you sign final docs, the lender reviews, all good and they send loan proceeds to the title company by wire, they authorize recording, and you become the owner of record usually by about 4:00 PM. This is generally when you get keys but let your agent guide you on getting your keys.       

YOU ARE DONE!!!  


BUYERS GUIDE

Your preliminary approval can be issued the same day you apply depending on the complexity of your profile. You may apply in person, by phone, or securely online at this link.    

After you apply, here is a sample needs list to supply us. We do offer automated employment and asset verification services, but they don't always work so please supply the following items: 
      

___2 most recent pay stubs.   

___2 years most recent W-2 forms from all employers. 

___2 years tax most recent filed tax returns if you own multiple homes, and/or you earn greater than 20% of your income by bonus/commissions, or you own a schedule C business. We need business returns and K1s where applicable if you own more than 20% of of a Corporation, LLC, etc.        

___2 month’s most recent checking, savings and retirement statements, all pages included. 

___2 forms of ID such as front and back of driver license, passport photo page, and/or social security card. At a minimum we need your driver's license to verify your identity.  

Here are your options to supply your documents;

* Arrange to hand deliver to Kevin. 

* Upload to our Secure Guest Up-loader at: 

https://www.nwmortgage.com/GuestUploads.aspx
  
(Call or email Kevin for password)

* Email items to kevind@nwmortgage.com using password protection if you have that ability.  

After you apply: 
Meet with Kevin by phone or in-person to confirm credit scores, debts showing on credit report, and what terms we can offer you given your scenario. Make sure you disclose any IRS payments, child support, alimony if any, and brand new debt that may not be reporting on credit report as of the time you apply. We need to precisely calculate your debt to income ratio to properly present you for underwriting so this is important. Also, do not apply for new credit after you apply, as this can create issues in loan processing, and may even create a loan denial if your debt ratio goes over a maximum. So no new car loans, credit cards, same as cash accounts, etc. Also, do not borrow money from anyone, from retirement, brokerage, or any source without discussing with Kevin first. It's usually fine, but we need to assess it, document it properly and make sure the underwriter is in agreement it works as well.    

Green Light: Go find a house, tell Kevin the sale price and taxes, and get familiar with the financial details of owning that home based on current rates and terms available to you. Kevin will supply Fee Worksheets showing breakout of costs, monthly payments, down payments, and funds required to close so you can see what works, and Kevin can be sure you qualify. All looking good, we will write a preliminary approval for you and your realtor and you make the offer.     

Offer accepted: Time to lock your loan with Kevin. We need to lock your interest rate, term and points position. We generally do a 30 day, 45, 60 day lock or longer if needed. The longer the lock, the higher the cost. Your loan must close in the lock period or you incur extension costs. Upon locking, we will then produce a formal loan application package with Federal and State loan disclosures, and a “Loan Estimate” also called a LE that shows the terms you locked and the costs associated with your loan. Similar to the Fee Worksheet but the LE is several pages. You will access and sign this package electronically and call Kevin with questions. It is all secure and super easy. After you accept it, we put your file with exhibits in for formal underwriting and approval. We will let you know what additional conditions may be required.  

Busy time:  
Get your home inspection ASAP, we will order the appraisal when you are pretty sure it's all good, and you shop for home insurance, usually with the same agent handling your vehicles. Let your agent know I will be calling with loss payable info.        

Appraisal is back: You will need to accept the appraisal electronically similar to how the application was accepted. If it comes in low, you will consult your agent for next steps, if it comes in high, we keep it between us. Congratulations. Then, we submit the appraisal, insurance binder and any trailing loan conditions for final underwriting and clearance to close.   

Closing process begins:  hA Closing Disclosure, also called a CD is issued to give you another look at the financial structure of your transaction similar to the Loan Estimate, but changes would be shown if any. You review and accept electronically, and a Federal three day waiting period before final loan closing documents can be signed begins. We will assist you with getting a final figure to bring to escrow, and with scheduling your signing. You will bring photo ID to signing, and make sure you sign documents in the same style as your ID shows.  

Keys are coming: Once you have signed final documents at the title company, the lender reviews the seller and buyer executed documents, they may need something else signed, and they send loan proceeds to the title company for disbursement and recording on the day indicated in your purchase agreement. Yes, we like to get you all signed a few days prior to the date shown as closing on your purchase agreement to be sure we are ready to send money to closing on the proper date. You generally get keys near the end of the day specified as closing. Your agent will guide you.     

Loan servicing. Enjoy your new home and call with questions!!  

BUYERS GUIDE

Your preliminary approval can be issued the same day you apply depending on the complexity of your profile. You may apply in person, by phone, or securely online at this link.    

After you apply, here is a sample needs list to supply us. We do offer automated employment and asset verification services, but they don't always work so please supply the following items: 
      

___2 most recent pay stubs.   

___2 years most recent W-2 forms from all employers. 

___2 years tax most recent filed tax returns if you own multiple homes, and/or you earn greater than 20% of your income by bonus/commissions, or you own a schedule C business. We need business returns and K1s where applicable if you own more than 20% of of a Corporation, LLC, etc.        

___2 month’s most recent checking, savings and retirement statements, all pages included. 

___2 forms of ID such as front and back of driver license, passport photo page, and/or social security card. At a minimum we need your driver's license to verify your identity.  

Here are your options to supply your documents;

* Arrange to hand deliver to Kevin. 

* Upload to our Secure Guest Up-loader at: 

https://www.nwmortgage.com/GuestUploads.aspx
  
(Call or email Kevin for password)

* Email items to kevind@nwmortgage.com using password protection if you have that ability.  

After you apply: 
Meet with Kevin by phone or in-person to confirm credit scores, debts showing on credit report, and what terms we can offer you given your scenario. Make sure you disclose any IRS payments, child support, alimony if any, and brand new debt that may not be reporting on credit report as of the time you apply. We need to precisely calculate your debt to income ratio to properly present you for underwriting so this is important. Also, do not apply for new credit after you apply, as this can create issues in loan processing, and may even create a loan denial if your debt ratio goes over a maximum. So no new car loans, credit cards, same as cash accounts, etc. Also, do not borrow money from anyone, from retirement, brokerage, or any source without discussing with Kevin first. It's usually fine, but we need to assess it, document it properly and make sure the underwriter is in agreement it works as well.    

Green Light: Go find a house, tell Kevin the sale price and taxes, and get familiar with the financial details of owning that home based on current rates and terms available to you. Kevin will supply Fee Worksheets showing breakout of costs, monthly payments, down payments, and funds required to close so you can see what works, and Kevin can be sure you qualify. All looking good, we will write a preliminary approval for you and your realtor and you make the offer.     

Offer accepted: Time to lock your loan with Kevin. We need to lock your interest rate, term and points position. We generally do a 30 day, 45, 60 day lock or longer if needed. The longer the lock, the higher the cost. Your loan must close in the lock period or you incur extension costs. Upon locking, we will then produce a formal loan application package with Federal and State loan disclosures, and a “Loan Estimate” also called a LE that shows the terms you locked and the costs associated with your loan. Similar to the Fee Worksheet but the LE is several pages. You will access and sign this package electronically and call Kevin with questions. It is all secure and super easy. After you accept it, we put your file with exhibits in for formal underwriting and approval. We will let you know what additional conditions may be required.  

Busy time:  
Get your home inspection ASAP, we will order the appraisal when you are pretty sure it's all good, and you shop for home insurance, usually with the same agent handling your vehicles. Let your agent know I will be calling with loss payable info.        

Appraisal is back: You will need to accept the appraisal electronically similar to how the application was accepted. If it comes in low, you will consult your agent for next steps, if it comes in high, we keep it between us. Congratulations. Then, we submit the appraisal, insurance binder and any trailing loan conditions for final underwriting and clearance to close.   

Closing process begins:  hA Closing Disclosure, also called a CD is issued to give you another look at the financial structure of your transaction similar to the Loan Estimate, but changes would be shown if any. You review and accept electronically, and a Federal three day waiting period before final loan closing documents can be signed begins. We will assist you with getting a final figure to bring to escrow, and with scheduling your signing. You will bring photo ID to signing, and make sure you sign documents in the same style as your ID shows.  

Keys are coming: Once you have signed final documents at the title company, the lender reviews the seller and buyer executed documents, they may need something else signed, and they send loan proceeds to the title company for disbursement and recording on the day indicated in your purchase agreement. Yes, we like to get you all signed a few days prior to the date shown as closing on your purchase agreement to be sure we are ready to send money to closing on the proper date. You generally get keys near the end of the day specified as closing. Your agent will guide you.     

Loan servicing. Enjoy your new home and call with questions!!