Buying a home is a big decision, so is refinancing, taking a loan out against the value of your home and many other decisions surrounding homeownership. As one of the leading home lenders, we know it’s important to know what the loan process is, plus provide tips and tools to make things easier on you - for your homebuying process and beyond. Below is information that will help make your homebuying journey easier and you feel more informed.
We may require the following items to complete your loan approval. You may provide these documents voluntarily at any time.
- U.S. Government or State Issued Photo Identification
- Other verification of identification
Source of Income
- Most recent 30 days of pay-stubs
- Past two years W2s
- Two years tax returns and all K-1s (self-employed borrowers)
- Social Security Award Letter (retired borrowers)
- Pension Statements (retired borrowers)
- Documentation for other sources of income
- Two months’ bank statements– all pages
- Two months’ investment/retirement account statements– all pages
- Current mortgage statements for all properties owned
- Proof of property taxes and insurance premiums (if not on mortgage statement or if owned free and clear)
- If applicable: Divorce decree, Child support owed– court orders and any modifications, Bankruptcy documentation and discharge papers
- Respond promptly to your loan officer. It is important that you respond promptly for any additional requests for information or documents. Waiting too long could cause a delay, which could create a problem with the home you want to buy.
- Use your credit cards and spend money as usual. It’s best to keep your spending and bank accounts healthy. You can use your credit cards, but don’t consolidate your debt onto one or two credit cards or make any large purchases.
- If you need to make a purchase that may affect your credit, mention it to your loan office right away.
- Transfer bank balances from one account to another or change bank accounts.
- Make changes to your credit during the loan process. This means don’t apply for new credit cards or loans. A change on your credit report before your loan closes could put you in a position where you may end up losing your dream home.
- Miss any bill payments. This could affect your credit in a negative way which could also result in changes to your ability to secure funding for your home.
*Rate contains a variable rate feature. Annual Percentage Rate and terms available upon approved credit. If qualifications are not met, a higher rate may apply.
- Apply online at mortgagefirstfed.com
- In-person appointment – make an appointment with a mortgage loan officer
- Telephone application – call 208-733-4222 and ask to speak with a mortgage loan officer
2. Your Credit Report is pulled - Once we receive your full loan application, your loan officer will pull your credit report. After your credit report is reviewed, your loan officer will go over your options with you.
- your application,
- your right to receive a copy of an appraisal,
- your credit score disclosure notice, and,
- your borrower certification and authorization.