Standard Documents Needed
Every mortgage is a little different, so it’s impossible to know exactly what each buyer will need. These documents are industry standards that lenders usually require buyers to provide.
Pay stubs (usually at least 1 month)
Tax Return’s, W2’s, 1099’s, K-1’s (whichever is applicable)
Bank Statements (typically 2 months to ensure all funds are properly sourced)
Photo ID’s
Evidence of homeowners insurance
Appraisal (this will be ordered by the lender)
Again, every home loan is unique. So, work closely with your loan originator to best understand what will be needed.
Purchase Process
Purchase Process- Explained
Pre-Qualification/Pre-Approval: Contact Thrive Home Loans to get you started. We will provide your free consultation, collect information and any necessary documents to get you out shopping quickly. Next, we will be in constant communication to run scenario’s, advise of any market changes and be your partner while shopping.
Under Contract: You’ve found the house, and the seller has accepted your offer. Your agent sends in the contract and we get right to work. We order all of the necessary reports (appraisal, title, etc.) and work closely with you to get any additional documents ready to submit to underwriting.
Conditional Approval: Your file has been submitted to and reviewed by the Underwriter. They issue a conditional approval, which is basically a checklist of items needed to receive final approval. Your processor and loan originator will work with you to get these conditions cleared.
Clear to Close: Everything has been submitted, and the Underwriter has cleared all remaining conditions. Congratulations! You have full loan approval. From here, we will work with the closing team and title company to prepare final disclosures and figures, schedule the closing time and get you the final numbers to wire or bring to the title company.
Closing Day: Your loan originator and agent sit at the closing table with you to ensure any last minute questions are answered, you sign your closing documents and the loan gets funded. Congratulations- you are a home owner!
