What Are Reserves? Reserves are liquid or near liquid assets that are available to a borrower after the mortgage closes. On every loan transaction, reserves are required to be verified as part of the approval process. Acceptable sources or reserves […]
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Loan Process
Documents Needed for Loan Applicant
ALL BORROWERS: Copies of W-2’s for the last two years. Copies of paycheck stubs for the last 30 days (most current). Copies of checking and saving account statements for last three months (all pages). Copies of quarterly or semi-annual statements […]
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Loan Disclosures
Loan Package Disclosures When moving forward with a mortgage home loan a loan package will be sent to formally start the process. The loan disclosures need to be reviewed, signed, and returned as soon as possible. Without these signed disclosures […]
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Loan Process
Loan Process Overview The following is an overview of the home loan process when purchasing a home. The process begins once the loan details (such as program, rate, costs, etc.) have been finalized and a contract has been executed […]
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