1. Preparation
The Getting Started Kit provided by your Mortgage Consultant contains an Alambry Buyer's Financial Information Form and an Important Document Checklist. It is designed to gather personal and financial information about you and any other individuals purchasing the home. The more complete the Buyer's Financial Information Form is, the smoother the process will be. It is important to provide all applicable documents listed on the Important Document Checklist and to return your Getting Started Kit to your community sales professional within the next several days.
The following documents will be required for each person applying for this loan:
Paycheck Stubs—most recent paycheck stubs covering a full 30-day period.
W-2s/1099s—W-2s and/or 1099s for the last two years.
Account Statements—The last two month's statements for all savings, checking, investment,
and/or retirement accounts (all pages required).
Self-Employed?—The last two years' tax returns, 1040s, W-2s, 1099s, and/or K-1s.
Note: After Alambry reviews the above items, additional documentation may be
requested.
2. Expectations
Information you provide in your completed Getting Started Kit, along with the direction provided by your community sales professional will assist your Alambry Mortgage Consultant in selecting a loan program that best fits your financial situation and personal preference. In addition, Alambry will:
Obtain— A credit report for each person applying for the loan. The credit report provides a history of financial transactions including credit limits, monthly payments, and current balances.
Verify— Income assets, and liability information contained in the initial loan application verbal and/or written verifications.
Appraisal—A licensed real estate appraiser will substantiate the value of the property you are purchasing. This Appraisal will ensure that the loan amount is appropriate for the value of the home.
Underwrite—A loan decision will be issued based on four factors—income, assets, credit record, and property value. An Underwriter will review the information on your loan application and the information collected on your behalf. Additional information or documentation as required by the loan program guidelines may be requested.
3. Locking Your Rate
You have the opportunity to establish an interest rate guarantee or "lock" the interest rate during the process up to five days before your closing. Keep in mind that interest rate may change somewhat each day. Only you can make the decision to lock the interest rate on your loan. Therefore, it is your responsibility to contact your Alambry Mortgage Consultant to determine the interest rate and lock in your loan.
4. Settlement
After your application is approved, you will receive a firm closing date and time to coincide with the completion of your home. Here is what you can do to ensure that your closing goes smoothly:
Homeowner's Insurance—Thirty days prior to closing, select an insurance carrier. Ten days prior to closing, provide evidence of insurance (e.g., policy, declaration page) on the property you are purchasing to Alambry.
Documentation—Any remaining information or documentation required to satisfy closing conditions shown on your Notice of Loan Approval should be delivered to the requesting party.
Closing—Each person listed on the loan application is required to sign the closing documents. In the event any applicant is unable to attend closing, other signing arrangements can be made.
Photo ID—Be prepared to provide photo identification such as a driver's license.
Certified Check—Your settlement representative will provide you with the dollar amount necessary for closing your loan. All closing funds should be in the form of a certified check or cashier's check.
|