1-407-575-5392
Menu

Finance Roadmap - Application & Processing

NEXT
PREV

Finance Roadmap

Application & Processing

5.1 Brokers and Lenders: Telling the Difference. The lender or creditor is the party who 1) disburses or provides funds to the borrower at the end of a successful loan application process, and 2) receives the note attesting the borrower's obligation to repay. The broker, meanwhile, acts as an intermediary between the borrower and the lender and serves as the applicant's main contact throughout the process. The mortgage broker usually receives a service fee from the lender for customer services rendered.

5.2 Loan application forms: Where to Find Them. Most forms can be downloaded from a lender's website. Fill out all forms accurately and completely, and contact your lender for any questions or clarifications.

5.3 Documentation: Keeping your Papers in Order. It is highly recommended to keep an organized file containing both originals and copies of all documents accumulated throughout the entire application process. These will include:

  • 2 years of W-2 forms from your employer, or 2 years of tax returns for those who are self-employed
  • Recent pay stubs
  • 3 months of bank and money market statements
  • Brokerage, mutual fund and retirement account statements
  • Proof of other income sources (alimony, trusts, rental income, etc.)
  • Credit card statements
  • Auto /boat / student / miscellaneous loans
  • Drivers' license or form of ID
  • Copies of visa or green card (for non-US citizens)
  • Copies of existing mortgage debts (for those applying for a home equity line of credit or another mortgage)

5.4 Underwriting: keeping in touch. Underwriters, hired by lenders, are analysts who examine all the data from a borrower's property and transaction, and ultimately determine whether or not mortgages should be issued to the applicant. Loan approval committees will use underwriters' reports during their deliberations to evaluate the property and the applicants' creditworthiness. Your broker may contact you frequently in the course of the loan application process, so prompt communication is necessary to keep the process running smoothly.




All listing information is deemed reliable but not guaranteed and should be independently verified through personal inspection by appropriate professionals. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independent verified. Listing information is provided for consumer personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. The source of the listing data is as follows: My Florida Regional MLS (updated 6/22/17)

Listing Search



Translate Tool

Featured Listings
Windermere Real Estate
$1,795,900
2 BED
3.5 BATH
RARE OPPORTUNITY 800 FEET OF FRONTAGE 1.8 ACRES LAKEFRONT ON LAKE DOWN. This is a very private, wooded home site with m... Read More
Windermere Real Estate
$5,650,000
5 BED
4.5 BATH
LAKEFRONT ISLEWORTH ESTATE, 400'' shoreline on Lake Isleworth, 1 of 11 lakes on the 6, 500 acre famed Butler Chain of ... Read More
Windermere Real Estate
$3,200,000
5 BED
6 BATH
ELEGANT ESTATE in the highly sought guard-gated community, The Reserve at Lake Butler Sound. Perfectly positioned on ne... Read More
Windermere Real Estate
$5,750,000
6 BED
8.5 BATH
Unparalleled Isleworth estate with amazing views of Lake Butler combined with direct golf course frontage on Iselworthâ€... Read More
Windermere Real Estate
$2,000,000
5 BED
6 BATH
This Tuscan inspired 5 bed 6 bath Custom lakefront home with mature oak trees is in an exclusive neighborhood on a paved... Read More
Contact Wendy Morris

407-575-5392

Wendy Morris LLC
DBA Wendy Morris Realty
Licensed in the State of Florida
BK 3146762
14832 Speer Lake Drive
Winter Garden, FL 34787

Your privacy is our utmost concern. We will never sell your personal information. Privacy Policy
©2011 -2017 windermerehomes.net - all rights reserved. | Site Map