Do you have mortgage dreams but aren’t sure where to start? Western provides a variety of mortgage resources including frequently asked questions and a full mortgage glossary to help get you jump on the fast track towards your home-owning dreams.
The following information is usually required during the loan process:
- Your Social Security number
- Current pay stubs or, if self employed, your tax returns for the past two years
- Bank statements for the past two months
- W-2's for the past two years
- Investment account statements for the past two months
- Retirement account statements for the past two months
- Make and model of vehicles you own and their resale value
- Credit card account information
- Auto loan account information
- Personal loan account information
If you currently own Real Estate:
- Mortgage account information
- Home insurance policy information
- Home equity account information (if applicable)
Congratulations on your decision to buy a new home! There are many important things to consider throughout the process, especially if you're a first-time homebuyer. Here's some information that will keep you on track.
A home purchase may be your largest financial transaction to date, so it's important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and Loan Officer, it should be an efficient, pleasant, and ultimately rewarding experience.
Count On Your Real Estate Agent To:
- Preview available homes to weed out those that are overpriced, or undesirable in some other way.
- Present the homes that suit your needs as you've defined them.
- Help you determine the difference between a "good buy" and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future.
- Negotiate the best deal for you. With a Pre-Qualification letter from us in hand, your Real Estate Agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the Seller, and may make the difference between the Seller accepting your offer or someone else's -- even if your offer is lower!
Count On Your Loan Officer To:
- Assist you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars throughout the years!)
- Keep you informed of your loan status throughout the entire process.
- Keep your Real Estate Agent informed of our loan progress (Note: your personal information is always kept confidential between you and us; only deal points and progress are shared).
- Get the appropriate loan for you at the best rates and fees. This will save you significant money "up front" and throughout the years to come.
Count On Yourself To:
- Keep your Real Estate Agent informed of any questions or concerns as they develop.
- Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.
- Enjoy purchasing your home, but do remain objective throughout -- to make the business decisions that are best for you.
- Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.
Once you select us to obtain your home loan, you'll be amazed at how quickly and simply the loan process moves. Before you know it, you'll have a mortgage that suits your lifestyle and saves you money.
Throughout the loan-application process, we provide you with regular updates. You can also e-mail us with questions or new information. And if you want assistance, a mortgage expert who can answer questions is just a phone call away.
Here's an overview of the loan-application process
- Complete the initial application and get Pre-Qualified now.
Most realtors won’t show you a home until you have been prequalified using a reputable bank. Completing the initial application information on line, by telephone, or in person allows us to pull your credit report and determine if you are qualified for a home loan. Once we have made the determination you are qualified, we will provide a pre-qualification letter.
- Making an offer.
At some point you will find a home you desire and will make an offer. Remember to make your offer contingent on financing, a satisfactory appraisal, and anything else you want to negotiate from the seller. Sometimes your realtor or the sellers want the address and listing price to be shown on your pre-qualification letter and we will provide this if requested.
- Completing the application.
After your offer is accepted you will be asked to sign application documents and provide financial information to us so we may process and underwrite your home loan. Many times we ask for this information before your offer is accepted so we are ready to process.
- Your loan is approved and closed.
About 12 days after application you will be notified of the status of your loan and if additional information is needed. Usually updated paycheck stubs and bank statements are requested since they should be dated within 45 days of closing. Closing may take place at Western State Bank or at a title company or even a realtor’s office. Funds needed for closing may be in the form of a cashier’s check, money order, and if $50,000 or greater, will need to be wired or electronically transferred.
- Your loan is sold to an investor.
To get you the best interest rates we sell your loan on the secondary market to the investor willing to offer the best rates and lowest costs. About 30 days after closing your loan will be sold and often times your first house payment will go to that investor. You will receive a welcome packet from the investor asking if you want to do automatic payments from your checking or savings account and what day of the month you prefer, along with other information and products.
- Complete the initial application and get Pre-Qualified now.
At Western, our goal is to make your home experience hassle-free. Get started today with our user-friendly online application.Apply Now