Financing Your New Home
Documentation
Prepare for your appointments by making copies of your essential paperwork for each lender. You will need your Social Security number and driver’s license, the past two years of W-2s and one month’s pay stubs to verify income. If you are self-employed, you will need tax returns for the past two years. You will also need the past three months’ bank statements and statements for any accounts that hold your down payment money. In addition, bring a copy of any credit account or loan statements you pay on a monthly basis, and court-ordered payments such as alimony or child support. The loan officer will also pull a credit report on you.
Pre-Qualification
The loan officer will take all of this information and determine what kind of loan you are pre-qualified for based on the information he/she has on hand. A Good Faith Estimate and Truth in Lending statement are generated detailing the terms of the loan and the closing costs. This is the document you will use to compare loan offers. They should be fairly close, so go with the best deal from the loan officer you can work with the best.
Approval Process
After you choose a loan officer and lender, he/she will submit your application to the loan processor, who will compile the file, order the appraisal and gather any additional information and verification. The loan processor may ask the loan officer for additional information from you, which you need to supply promptly. When the file is finished and the appraisal is complete, they will give the file to the underwriter, who will decide if the loan is approved. After approval, all that is left is the closing, where you will sign all the loan documents and complete the property transfer. The process usually takes around 30 days.
Lenders
We have established Preferred Lenders for all of our communities that offer competitive financing programs and provide excellent service. These select lenders are very familiar with our communities, staff and the new home financing process. Please contact the Preferred Lender for the community you are interested in to complete an application for loan pre-approval. Bradford Communities will require a pre-approval with our Preferred Lender as part of the home buying process. You are under no obligation to obtain a loan from our Preferred Lender in the event you purchase a home, and you will not incur any cost with the pre-approval.
The following mortgage calculator does not include a monthly payment of property taxes or insurance. Please be aware that mortgage lenders in some cases may require that the total monthly payment includes taxes and insurance. Your loan officer will be best able to advise you in this matter.
