STEP 1: Be Prepared		STEP 3: Getting Approved
	STEP 2: Choose the Right Loan		STEP 4: Closing the Loan

Be Prepared:

The application process will go faster and smoother if you come prepared. Gather and organize all documents and information needed to begin the process of pre-approval. This will strengthen your position as a buyer, and with your loan already approved, you will be in a stronger position to negotiate the real estate transaction.

When you are ready to apply, please be prepared to provide the following application and property information:

Application (for all applicants) checklist:

	Home address(es) for the previous two years
	Your social security number(s)
	Employment information for the previous two years including employer name, address and phone number
	Income information including salary, overtime, bonuses, commissions, dividends, interest, retirement and any other source of ongoing income
	Liquid assets including bank name, account type and balance
	Other assets including the value of bonds, stocks, life insurance, retirement funds, jewelry, automobiles, etc.
	Liabilities including creditor names and outstanding balances for all debts including notes payable, 401(k) loans, life insurance loans, stock pledges, alimony, child support, co-sign loans, credit union loans, and other liabilities
	Real estate owned including property address, market value, outstanding liens, rental income, mortgage payments, taxes, insurance and maintenance dues

Property Information:

	Purchase contract
	Planned Unit Development (PUD), condominium, co-op or CC & R's -Name of development or project -Phone number of the homeowner's association (if available)
	New construction: -Year land or lot was acquired -Original cost of land/lot -Amount of liens -Estimated cost of construction
	Refinance loans: -Year property was acquired -Original cost of the home -Cost of improvements -Amount of liens -Description of improvements

Choose the Right Loan:

At Sumner Home Mortgage, our priority is to place you into a comfortable mortgage situation based on your needs, goals and income. We have access to hundreds of different loan programs, which allow us to to offer a wide range of mortgage options, each with its own benefits and various terms you may wish to ask about.

	Fixed rate loans		Jumbo loans
	Adjustable rate mortgages		Less than perfect credit implications
	VA programs		Bankruptcy consideration

Getting Approved : There are many things that will help make the process proceed smoothly. Make sure you gather all the information requested by your loan consultant in addition to the application checklist provided on this web page.

	Once your completed loan application is received, the loan process begins. This involves obtaining documents and verifying credit history, appraisal, employment verification, and deposit verification including your bank accounts, stocks, mutual funds and retirement accounts.
	Additional documentation may be required. It is important to respond quickly to requests for more information or documentation, especially if your loan rate has been locked or you are planning to close by a specific date.
	Before or during the loan approval process, don’t change jobs immediately. Doing so may make it difficult to verify your employment and income, causing delays.
	Do not move your money around. It is important to leave your money where it is until the loan is closed. Moving banks or creating new accounts can slow down the process. Make sure deposits can be traced, and let your loan consultant know if you are receiving money from family or friends.
	Delay making any major purchases until the loan is closed. Often, large ticket purchases that cause your debts to increase (such as cars, furniture, etc.), will negatively impact your current application. An additional or increased monthly payment can affect the amount for which you can qualify.
	Pay off old debt. It is always a good idea to pay off old debts, but wait until you speak with your loan consultant to see if it is necessary during the loan process.

Closing the Loan:

After approval, you will need to sign the final loan documents. Make sure you, or someone you have authorized with a power of attorney, will be in town around the date the loan is closing. This normally takes place with a notary public present, so be sure to bring your driver’s license or other form of identification.

At closing, be sure to review your documents carefully. Make sure that the information on the documents is accurate before you sign your papers. This includes names, addresses, loan terms and interest rate.

At Sumner Home Mortgage, we make it fast, easy and as stress-free as possible to apply for your home loan.

Call us at: 253-863-1113 or e-mail us at service@sumnerhomemortgage.com to set up your FREE, no-obligation, pre-qualification today!