Loan Process and Checklist

Our purpose is to make the process of obtaining a mortgage as simple, convenient, and pleasant as possible for all of our clients. To achieve this challenging objective, we have developed a very experienced staff. Our office is staffed by experienced loan officers & processors who have the skills necessary to prepare loan packages that meet the underwriting requirements of all our lenders. Their expertise in providing premier mortgage banking services coupled with a broad array of very competitively priced mortgage programs will accommodate your mortgage financing needs.

At CROSSCOUNTRY Home Loans, we begin our application process by listening to your needs. We'll help you define those needs and determine how to best get there. We'll look at your whole credit picture to determine which loan solution is the best value for you. Pre-Qualify now.

In order to determine which loan solution is the best value for you:

• Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand if you plan to keep the house for a longer time you may want to look at fixed loans.
• Compare different programs. Comparing a loan can be difficult. With so many programs to choose from, each of which have different rates, points and fees, it’s hard to figure out which program is best for you. That's where an experienced loan officer can help you make a decision that's best for you .

ORGANIZE YOUR DOCUMENTS. If you are buying or refinancing a home, here is a standard checklist of what we may require to ensure timely processing of our loan:

• If you are salaried: provide two years W-2 and one month of pay stubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
• A purchase contract for the house (if purchase).
• If you own rental property, please provide rental agreements and two years tax returns.
• Provide three months bank statements for each bank, stock and mutual fund account.
• Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
• If you are requesting cash out refinance please provide a letter explaining what you plan to do with the proceeds.
• Provide a copy of divorce decree if applicable.
• Please provide copies of your bankruptcy papers, including the discharge and all schedules.
• Please provide copies of your current driver’s license and social security card.
• Provide a copy of your current mortgage statement and home owner’ insurance policy.
• Credit card bills for the past few billing periods, or cancelled checks for rent or utility bill payments, to show payment history and amount of revolving debt.
• Information on other consumer debt such as a car loans, furniture loans, student loans and retail credit cards.

Once your loan application and documentation has been received we will start the loan approval process immediately. This involves verifying your:

• Credit history
• Employment history
• Assets including your bank accounts, stocks, mutual fund and retirement accounts
• Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:

• Fill out the loan application completely.
• Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
  
• Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.
• Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
• Do not go out of town around the closing date. However, if you do plan to be out of town when your loan is expected to close, we can arrange a notary to sign your loan docs in the city you are in.

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public. Be prepared to:

• Bring a cashier’s check for your down payment and closing costs if required. Personal checks are normally not accepted.
• Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.
• Sign the loan documents.

Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.