MORTGAGE PROCESS

We have broken the Loan Process into 4 easy to understand steps.

Pre-approval: Apply Online, in person, or by phone. We will Pre Approve you within 15 minutes. If needed, we will present you with a letter of pre-approval that you can give to your real estate agent or to the sellers.

Loan Processing: A Title Commitment / Appraisal & Survey may be required. Once we have received the necessary documentation (paystubs, bank statements, rental history, etc....) from you, we will check to ensure everything is in order for expedient final loan approval. We have many reduced documentation loans.

Final Approval: The loan is then reviewed by an Underwriter for final Approval and closing instructions are sent to the title company.

Close/Funding: This is where you will meet at the Title company to sign final documents. After closing, it takes 1-4 hours to fund purchases and 1-3 days for refinances.

Generally Required Documentation
Refinances require less / Better credit requires less

Bank Statements Last three (3) months of consecutive statements (when cash reserves are required)	Sales Contract Sales contract on purchase.
	Pay Check Stubs (last full month)
IRA, 401K, Stocks, Bonds, Etc. Most recent statements showing balances for the last three (3) months or two (2) quarters (when cash reserves are required)	Insurance Agent Name, company, and telephone number
	Appraisal Application Fee $325(most homes)
	W-2's and/or 1099's (last two years)

Supplemental Information
[needed when applicable]

Complete Tax Returns (last two years)	Cancelled Rent Checks (last 12 months)
Final Judgement Divorce and/or child support, fully executed.	Landlord Name and phone number(s).
Final Bankruptcy Discharge List and copies of all included debt.	Leases Current copies on each property.

What is a mortgage?
A mortgage is a loan secured by real property (permanently affixed to the ground house). There are 3 main types of mortgages: Conventional, FHA, and VA.

Conventional Loans
This type of mortgage is insured by private corporations. If you conform to the private insurer's lending guidelines, you will be eligible for the best market interest rates, and the best mortgage rates in Virginia. You can also get a conventional mortgage without insurance. There are many conventional programs for W2 employees, self-employed, stated income and jumbo borrowers. This is the most flexible type of mortgage.