Here are some of the documents you may want to prepare before you are to be pre-approved for a home loan.  Your CU Partners Loan Specialist can help you every step of the way.

Salaried Employed Borrowers
-  Two most current pay stubs for each borrower
-  W-2 forms for the past two years
-  Savings statements (credit union or bank statements, stock account statements, money market account statements, etc.) to verify down payment and reserves
-  Asset verification (statements of saving accounts, stock accounts, money market accounts, etc.)

Self-Employed Borrowers
-  Two years of tax returns (signed) including all schedules
-  Current business license
-  Year-to-date profit and loss statement
-  Asset verification (statements of saving accounts, stock accounts, money market accounts, etc.)
-  Well you have done your part, the application is complete, and you have submitted your documentation.

Here is what happens to your application after it is completed and submitted:

Salaried Employed Borrowers
-  If you are not already pre-approved, an underwriter will begin to pre-approve your application.
-  If you are pre-approved, your file is then transferred to a loan processor to verify that all documentation needed to process the loan has been collected.

Appraisal:
-  CU Partners will order a formal appraisal that estimates the current value of the property.
Title:
-  A title search and title insurance are required to ensure that there are no other liens on the property.

Escrow:
-  Escrow is an independent third party that administers the disbursement of all funds and who executes the signing of the documents. The seller usually chooses the escrow company.

-  Verifications of Employment, Verifications of Deposits and Verifications of Mortgage/Rents will also be ordered by CU Partners at this time.

Once all documentation requested by the underwriter is collected, your file is returned to the underwriter for final approval.

The underwriter usually has no direct contact with you but is the one who reviews all of your documentation and makes the decision to approve or deny your loan. You are then notified of the decision.