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Selling
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What you should know
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The Loan
Process
How does the loan process
work?
Your real
estate agent and/or builder’s sales consultant can provide you with
current financing information to help you in selecting a lender. The
lender might be a bank, savings and loan or mortgage company.
You will be
required to complete a loan application which will require personal and
financial information.
The following
information will be necessary at the time of loan application:
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Names and
Addresses of each employer – past 2 years
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Gross
Monthly Salary.
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Residential
History – past 7 years.
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Names,
Addresses, Account #’s, Balances of all Checking and Savings
Accounts, 2 months bank statements.
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Names,
Addresses, Account #’s, Balances and Monthly Payments for all Open
Loans.
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2 years
tax returns with all schedules.
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W2’s
(2years) & current check stubs.
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Picture ID
with proof of Social Security Number.
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Addresses
of other real estate owned.
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Loan
information on other real estate owned.
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Estimated
value of Furniture and Personal Property.
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Certificate
of Eligibility or DD214’s (VA Only).
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Money for
Credit Report & Appraisal.
After I submit my loan
application . . . then what?
The lender
will begin the qualification process including verification of information
submitted on the application and appraisal of the value of the property.
The lender
will require that you obtain hazard/fire insurance. However, if you are
buying a condominium, there may already be a master hazard policy. Check
with your real estate agent on this. Also, check with your insurance agent
for additional coverage for your personal property. The lender will also
require that you obtain title insurance and may have other requirements
that will need your attention prior to the close of escrow. Your real
estate agent/builder sales consultant can help you take care of these
requirements well in advance.
What
is Escrow? | The Loan Process | Title
Insurance
Your “Closing” Appointment | Helpful
Reminders
Taking Title in Arizona
Fidelity National
Title has furnished this information.
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Have
questions about building your new home, commercial project, property management,
or real estate? You can always contact us at 1-877-459-3892 if outside Arizona,
480-964-1946 within Arizona, or just email us by clicking
here!
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and Wing Realty, Inc. are incorporated in the state
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