The Application & Mortgage Process
Your first time buying a home should be exciting and stress–free. We’re here to empower you as you move through the steps of securing a home loan. This is a great place to start preparing.
The mortgage application
Who doesn’t love a good checklist, especially after it’s been checked off? Before applying for a loan, here’s what you’ll need:
- A copy of your photo ID
- Two most recent pay stubs
- Two most recent and complete bank statements
- Two most recent and complete tax returns
- Two most recent W-2s
If you’re self-employed, you may need to provide additional documentation.
Homebuying do’s and don’ts
Our goal is to make your homebuying process go quickly and smoothly. You can help by doing certain things and avoiding others.
| Do | Don’t |
|---|---|
| Get pre-approved so you can make a strong offer | Make any major purchases (furniture, cars, boats, those sorts of things) |
| Be thorough and honest on your application | Apply for new credit accounts, close existing accounts, or co-sign loans for others |
| Continue to pay your rent or mortgage, loans, and credit cards on time | Spend your down payment or closing cost money |
| Keep your current job and income, and contact us right away if either one changes | Plan a vacation during your loan process |
| Have your important documents handy (especially your W-2s, tax returns, and pay stubs) |
For more tips like this, check out our homebuying guide.
Underwriting & appraisal
We’ll verify your application information, assess your credit and collateral, and order an appraisal to ensure you’re not overpaying. Learn more about the underwriting and appraisal step.
Home inspection vs. home appraisal
Home inspections and home appraisals are two different, but important parts of the homebuying process. Here’s a breakdown.
| Home inspection | Home appraisal | |
|---|---|---|
| What is it? | Determines the condition of the property you’re buying | Determines the value of the home you’re buying |
| When do you get it? | Order an inspection after your offer is accepted | We’ll order an appraisal when your loan is in underwriting |
| How much does it cost? | Approx. $250-$400 | Approx. $450-$600 |