How to Obtain a Loan
Once you select Anchor Street Mortgage to obtain your home loan, you’ll be amazed at how quickly and painlessly our Mortgage Consultants help you find a mortgage loan that suits your lifestyle and saves you money. Throughout the entire process, we will provide you with regular updates, and you can always call or email us with any questions or new information.
Whether you are purchasing a new home, or refinancing an existing home loan, you will follow the steps below to obtain your mortgage loan.
Step 1 - Run your own rate at UPriceIt! and then speak with one of our Mortgage Consultants to determine which loan programs you qualify for and at what interest rate.
Step 2 – Fill out our Borrower Information Form. This form gives us most of the information we will need to determine if you qualify for the desired loan program. If there is something you don’t understand on the form, just leave it blank, and we’ll follow up if we need additional information.
In addition to this form, we need the following for each person on the loan:- If not self-employed, two most recent paystubs
- If not self-employed, previous two years’ W-2s
- If self-employed, tax returns for the past two years
- Copies of most recent statements for all bank accounts, brokerage accounts, retirement accounts (i.e. IRA, 401(k))
- Copy of annual property tax bill
- Copy of homeowner’s insurance showing annual premium
- Copy of signed sales contract (if a purchase)
Step 3 – With your permission, we will run a credit report to determine your credit score.
Step 4 – Once you have selected the best loan program and interest rate for which you qualify, we will lock in your interest rate.
Step 5 – You will sign the disclosure documents we provide you. We will submit these, along with the supporting documentation, to the lender.
Step 6 – Once your loan package has been submitted, we will order a property appraisal (generally through a third-party appraisal management company). The appraiser will contact you (or the realtor on a purchase) directly to set up an appointment.
Step 7 – Once your loan has been approved, we will work with you to clear all of the underwriting conditions.
Step 8 – We will schedule your loan closing at a time and a location that is convenient for you.
Step 9 – You will receive a pre-closing statement showing your loan amount, your interest rate, your monthly payment, and all of the costs related to the closing and funding of your loan. Please review this statement carefully to make sure that you understand it and that there are no mistakes. Call your Mortgage Consultant if there is anything on the statement that you don’t understand.
Step 10 – Close your loan.