It is important for every new homeowner to fully understand the mortgage/lending process. Below is a set of guidelines to help you.

Important: Before you apply, check to see if any discounts are being offered if a “preferred” lender is used.

Applying for your mortgage
Once you sign a contract with Pasquinelli – Portrait homes, you will have ten days to apply for a mortgage. Typically, some of the documentation you will need to start the application process is as follows:

• W-2 forms from the last two years
• Employment pay stubs to cover the previous 30 days
• Two months of statements on all bank accounts, retirement accounts, etc.
• 1040 forms for the past two years (if self-employed or commissioned.)
• Lease agreements for investment properties (if applicable.)
• Credit Report

NOTE: This list is only meant to be a general guideline – be sure to check with your lending team to see what specific documentation you will need to provide.

The Lending Team
Don’t worry – you won’t be alone during the mortgage application process! There will be a team of professionals assisting you throughout the experience, answering questions and helping you gather the information you’ll need. Here is a list of the people you’ll encounter:

HMC: Home Mortgage Consultant

LO: Loan Officer

Loan Processor

The HMC or LO will meet you for your mortgage application and will remain in constant contact with you throughout your entire mortgage application process. They will be available to answer questions, receive documentation, and more.

The Loan Processor is an employee of your lender and will work behind the scenes to package your loan, submit your file for underwriting and clear all conditions for closing.

Mortgage Process Timeline
Below is a general timeline of what happens after you apply for a loan. As this timeline is only a general guideline, please contact your lender for more specific information. Important: Before you lock in your rate with the lender, check to make sure your house will be done on time.

1.) Verification process – 1 week from application
During the verification process, your lender will verify all of the information that you provided at your application by sending letters to all of your information sources (banks, employer, landlord, etc.) If any discrepancies come up during the verification process, your lender may ask you to send in a letter of explanation (LOX) to explain them.

2.) Work up/submission – 4 weeks from application
During this time, all verifications and LOX’s are received, and the completed application goes to the underwriter.

3.) Underwriting – 5 weeks from application
At this point, the underwriter renews all of your loan information and will either return your file to the lender for re-work and/or additional documents, or approve your credit on a conditional approval (this means that your application will be officially approved once additional documentation has been received.)

4.) Approval/Clear to close – 1 week before closing
3 to 5 days prior to closing, the final conditions are assembled and sent to the underwriter for final approval and release to closing