The Loan Process
- Application.
- Work with your loan officer to find the right mortgage.
- Documentation
- Close your loan
1) Apply today, click here to Apply Now or to apply by phone, call 785-749-7700 for local customers, or 866-684-7727 for nationwide customers.
No matter where you are in the loan process it's never too early to consult a First National Mortgage Sources loan officer. This step will expedite the loan process and give you a picture of where you stand and what you need to provide in order to qualify for your mortgage. Your loan officer will carefully analyze your current situation and determine the programs that you currently qualify for. If there are any challenges, your loan officer will discuss these with you at this time. Below is a list of items you may be asked for following your application. However, please make application before collecting these items. Most of our borrowers do not have to provide this much documentation.
Also provide the following:
Copy of two recent pay stubs the two most recent W2s
(If you are self employed, you need two years of tax returns and a YTD profit and loss statement)
Provide a copy of your current mortgage statement
Verification of any additional income
A copy of your homeowner’s insurance policy
A copy of your deed
Current loan provider
For a home equity loan, provide a copy of the note on your first mortgage.
Title information
Tax verification information
Previous property assessments, if applicable
If you own any rental property, provide copies of the rental agreements and two years of tax returns
Letter from employer stating date of hire, position, salary and year-to-date earnings
Current value of your house
Outstanding loan amounts
Three months bank statements for each bank, IRA/401K, stock and mutual fund account.
Co-borrower information
Provide a copy of divorce decree if applicable.
If you are not a US citizen, provide a copy of your green card (both sides)
If you are not a permanent resident provide a copy of your H1 or L1 visa.
2 Get pre-approved to determine how much you can borrow.
Following application, you will have a good idea of how much you can afford. Your loan officer will analyze your documentation and provide you with a pre-approval for your use when making an offer on a home.
3 Work with our loan officers to find the best mortgage for you.
Your loan officer will help you find the mortgage that fits you best. There are a lot of factors to be considered. How long do you plan to keep the loan? Would a fixed or adjustable rate mortgage be best for you? Should you buy your rate down? What other costs are involved? When should you lock in your rate? Based on your needs and situation, your loan officer will show you which mortgage products work best for you. During the whole process, we are there for you to answer your questions with our years of experience.
4 Close your loan and settle
For your closing you should bring all of your documentation that you’ve used during the whole mortgage shopping process. At the closing itself, everyone involved in your transaction will be present (buyer, seller, closing agents and attorneys). You will sign the necessary legal documents, pay your closing costs and escrow items and receive your closing documents.
Now you receive your key, move in and celebrate!
Remember, you should never hesitate to ask questions. Ask what ever you need to so that you understand the entire process. |
