Sit back and relax!
Let us do the leg work!

At Close My Loan, we've broken the loan process down into simple, organized steps for your convenience.

Here's an overview of ouprocess from start to finish:

• Organize your documents
• Get qualified
• Shop loan programs and rates
• Apply for a loan
• Obtain an approval
• Close the loan
  

If you are buying or refinancing a home

1. If you are salaried, provide two years W-2 and one month of pay stubs. If you are self-employed, provide two years tax returns and a YTD profit and loss statement.
2. If you own rental property, provide rental agreements and two years tax returns.
3. If you wish to speed up the approval process, please provide three months bank statements for each bank, stock and mutual fund account.
4. Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
5. If you are requesting a cash out refinance, please provide a letter explaining what you plan to do with the proceeds.
6. Provide a copy of divorce decree if applicable.
7. If you are NOT a US citizen, provide  a copy of your green card (front & back) or, if you are NOT a permanent resident provide us with your H-1 or L-1 Visa.

If you are applying for a home equity loan

1. If you are salaried, provide two years W-2 and one month of pay stubs. If you are self-employed, provide two years tax returns and a YTD profit and loss statement.
2. If you own rental property, provide rental agreements and two years tax returns.
3. a copy of the note on your first mortgage. This will normally be found in your closing loan documents.
4. Provide a signed letter explaining what you plan to do with the proceeds.
5. Provide a copy of divorce decree if applicable.
6. If you are NOT a US citizen, provide us with a copy of your green card (front & back) or, if you are NOT a permanent resident provide us with your H-1 or L-1 Visa.

Getting qualified before you apply for a loan can help you understand how much you can borrow.

When buying a house, you may get pre-qualified or pre-approved. You can typically get pre-qualified over the phone or on the Internet within a few minutes.

A pre-qualification is not as beneficial as a pre-approval in which you have to go through a more rigorous process.  This includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house.  Because your loan is already approved, this will:

1. Help you find out the maximum house you can buy, so you don't waste time looking for properties you cannot afford.
2. Put you in a stronger position when you are negotiating with the seller.
3. Help you close quickly.

1. Think about how long you plan to keep the loan. If you plan to sell the house in a few years, you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.
2. Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.
3. Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each one with different rates, points and fees, it's hard to figure out which program is best for you. That's where an experienced loan officer can help you make a decision that's best for you.

Once your loan application has been received, we will start the loan approval process immediately.
This involves verifying your:

1. Credit history
2. Employment history
3. Assets including your bank accounts, stocks, mutual fund and retirement accounts
4. Property value

After your loan is approved, you will be required to sign the final loan documents.
This will normally take place in front of a notary public. Be prepared to:

1. Bring a cashier's check for your down payment and closing costs if required. Personal checks are normally not accepted.
2. Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.
3. Sign the loan documents.