Your home financing process checklist

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1 Your home financing process checklist As you prepare to purchase a home or refinance your loan, it s important to know what to expect along the way. Here, we ve outlined some of the general steps in the home financing process. Step Description Timing Initial consultation Speak with your home mortgage consultant about your home financing needs, current situation, and goals. From there you can determine next steps. Inquiry stage: You provide information on your income, assets, liabilities, and any real estate you own. Consultation stage: In addition to the above information, you may also provide written consent(s) to pull your credit report(s). Your home mortgage consultant will share information on loan products based on your needs and credit profile. Home search Apply for a PriorityBuyer preapproval 1 Provide all requested information and documentation Real estate professionals and the home sellers they represent often require a preapproval which is a confirmation of your credit-worthiness and your ability to purchase for a given price. A preapproval is based on our preliminary review of credit information only and is not a commitment to lend vs. a prequalification which only estimates how much you may be able to borrow to buy a home. A Wells Fargo PriorityBuyer preapproval letter will elevate your home buying status and strengthen your offer. Once you have it, you re ready to shop for a home with confidence. To get preapproved you ll need to fill out an application, provide some initial documentation (see next step), and provide your consent for a credit check. Your home mortgage consultant or home loan processor will tell you what documents we need from you to underwrite and approve your mortgage. Some of the initial documentation may include W-2s, tax returns, pay stubs, and bank statements. Refer to the last two pages of this checklist for a more complete list of documents you may need to provide. It s important to submit the required documentation as quickly as possible to ensure a smooth review process and on-time closing. All information must be accurate and complete, and any delays in receiving your information may affect your closing date. If you have a home equity loan or line of credit and are refinancing your first mortgage, subordination of your home equity loan or line of credit is required (unless you choose to pay off the loan or close the line of credit). Subordination means that the lender who holds the home equity loan or line of credit agrees to have their loan remain in second position while the first mortgage is refinanced. It s very important to let your home mortgage consultant know if you have a home equity loan or line of credit because additional time may be required to refinance your mortgage depending on the subordinating lender s documentation requirements. Find your home and make an offer Work with a real estate professional for valuable direction and market experience. Your real estate professional will use your PriorityBuyer preapproval letter to negotiate with the seller on your behalf - it shows everyone that this is a serious offer. 1. A PriorityBuyer preapproval is based on our preliminary review of credit information only and is not a commitment to lend. We will be able to offer a loan commitment upon verification of application information, satisfying all underwriting requirements and conditions, and providing an acceptable property, appraisal, and title report. Preapprovals are subject to change or cancellation if a requested loan no longer meets applicable regulatory requirements. Preapprovals are not available on all products. See a home mortgage consultant for details. 1

2 Mortgage application and process Step Description Timing Home search (continued) Sign the purchase contract Get a home inspection Regardless of who draws up your purchase contract (a real estate attorney, title company, etc.), they should be fully aware of important negotiating points or contingencies to include in the contract. A signed and dated purchase contract is required for the appraisal to be completed. You ll want to make sure you include a contingency in your purchase contract that lets you renegotiate the contract. For example, if a major defect is discovered during home inspection, you ll be able to renegotiate the terms of the contract to address those defects. You may be required to advance a good faith deposit or earnest money when you sign the contract. This payment will be considered part of your down payment if you re making one. When determining the closing date on your offer, please consult your home mortgage consultant. We strongly suggest you hire an independent engineer or home inspector to evaluate the condition of the property. Sales contracts are usually written as is, so it s important to know what you re buying. Finalize the application Lock or float the loan pricing Receive and review the disclosure package When you finalize your application and mortgage choice, carefully review the terms and conditions, and be sure to ask your home mortgage consultant about anything you don t fully understand. You can choose to lock in your range of interest rates at application or allow it to float with the market. If you choose to float your range of interest rates, you may lock it in at any time up to 10 business days prior to your closing. Within 3 business days of your application, you will receive a package of disclosures, including a Good Faith Estimate of Closing Costs and a Truth-in-Lending Disclosure, which will show your annual percentage rate (APR), and other information about the financing you have chosen. It s important for you to review these materials and confirm that the terms shown match your expectations. Some of these documents may require your signature and must be returned to us. It s important to submit the required documentation as quickly as possible to ensure an on-time closing. Contact your mortgage consultant with any questions. After you have received initial disclosures, you ll be expected to pay certain fees, which vary by area and transaction type. You will also continue to work with a mortgage representative to see you through to the closing of your loan. Appraisal and title search are ordered The appraisal is an opinion from an impartial third party that indicates how much a property is worth. The appraised value will be used as collateral when underwriting your loan. Wells Fargo will order an appraisal and follow up with your closing agent (usually your attorney or a title agency representative, depending on your area) to ensure that a title commitment is ordered. If you are refinancing, you or someone else may have to be available to give the appraiser access to all rooms in your home. When the appraiser contacts you to schedule the appraisal, they will provide an estimate on timing, what documentation might be needed, and what will take place during the process (ex: measuring the property, taking interior/exterior photos, inspection of all rooms). This same information will be covered with you when the appraisal takes place. You will receive a copy of the completed appraisal at least three days prior to closing, unless you waive this review period, in which case you will receive a copy at closing. If the appraisal does not meet value requirements or comes back too low, you should follow-up with your mortgage consultant to discuss your options (ex: putting more money down, contacting the sellers to lower the sales price, looking for another property, or researching a different loan product or program that would support the lower appraisal value). 2

3 Step Description Timing Mortgage application and process (continued) Closing Receive a welcome call Receive a commitment letter and Meet all requirements Receive a preclosing Truth-In-Lending Disclosure A closing date is set and Your HUD-1 and closing package are prepared Obtain your certified or cashier s check You can expect to receive a welcome call from your Wells Fargo home loan processor, who, along with your home mortgage consultant, will be your primary contacts.. He/she can help answer your questions and is responsible for: - Providing you with the status of your mortgage application - Ensuring you have all necessary contact information - Requesting any outstanding documentation or other items to facilitate your approval - Confirming and managing your closing date - Explaining the customer experience survey A commitment letter contains the terms and conditions under which Wells Fargo will close your loan. Receipt of a commitment letter means your mortgage is approved, subject to the conditions in the letter, and that you are almost ready to close.* Carefully review the commitment letter and act on outstanding items, because we cannot close your mortgage until all approval conditions are satisfied.* These items may include, but are not limited to: - Any final mortgage conditions. For example, we will need to see proof of homeowners insurance. - Copy of a paid receipt for homeowners insurance (provided by a licensed insurance agent) - Copy of a paid receipt for flood insurance, if required - Evidence that required inspections have been completed and passed - The Certificate of Occupancy which states the home is suitable for occupancy. Certificates are typically issued by a local government agency or building department. * For new construction purchase loans, documentation and timing requirements may vary. Check with your home mortgage consultant for additional information. You ll receive an updated Truth-In-Lending Disclosure (TIL) before closing. After receiving the TIL, there is a three business day waiting period before your loan can close. The TIL will have your annual percentage rate (APR) and the amount of your finance charges. If you have questions about this disclosure, contact your mortgage consultant immediately. Any further changes to the APR and finance charges may require you to be sent another TIL and incur another three business day waiting period, which may impact your closing date. All involved parties need to arrange a date, time, and location for closing. Your closing agent will have a copy of the HUD-1 Settlement Statement, which shows the costs related to closing. Wells Fargo must provide you with certain disclosures before your loan can close, which may impact your closing date. You ll be notified of the exact amount of money you ll be required to bring to closing (payable only by certified or cashier s check). Funds may be required if you are refinancing. Attend your closing Note: On occasion, if you cannot attend, a power of attorney may be arranged in advance. Some refinances can be done by mail (restrictions apply). At closing, your closing agent will review and explain all of your mortgage and closing documents. Most customers will establish an escrow account at closing that will be used to pay future real estate taxes, homeowners insurance, and if applicable, mortgage and flood insurance. We ll collect a portion of the funds required to make these payments with each monthly mortgage payment you make and deposit the funds into your escrow account. We ll use the funds in the account to make your tax and insurance payments by the due dates. Note: Prior to closing, inform your home loan processor or home mortgage consultant if you would prefer to make tax and insurance payments on your own. But understand that many mortgages require an escrow account. 3

4 Step Description Timing Mortgage services Select your preferred payment method Open your mortgage account online We re here to help you At closing, you will receive instructions on the amount and timing of your first payment. You ll also receive a document explaining your choices of automatic payment options to help with budgeting. These payment options are free, and you can choose to pay monthly, weekly, twice per month or every two weeks. Choose your preference for automatic payments at closing or any time after. You may also make payments online at yourwellsfargomortgage.com or by check. In the weeks after your closing, simply go to yourwellsfargomortgage.com and follow the instructions to view your mortgage account information online. This site provides free, secure access to your mortgage information. Feel free to contact your home mortgage consultant or your customer service team if you: Have questions, concerns, an issue, or if you can t make a mortgage payment(s) Want to refinance to change your rate or term Want to access your home equity Are moving or buying a vacation home or investment property your mortgage consultant can help you finance a home anywhere in the United States Have a friend or family member who needs home financing your mortgage consultant can also help them finance a home anywhere in the United States. Thank you We hope you find this checklist useful as you progress through the home financing process. It s important to note, the steps outlined here are general and may not include all steps specific to your home financing situation. Your home mortgage consultant will advise you of any differences that may apply to your specific mortgage and circumstances. Certain state requirements may also apply and impact the steps specific to your mortgage. Let us know what you think Shortly after closing on your home mortgage, you will receive a survey with questions about the service you received throughout your home financing experience. We would appreciate you taking the time to complete and return it. We value your feedback and hope you ll use us again in the future and recommend us to friends and family. Wells Fargo is dedicated to providing you with an outstanding experience We are committed to providing an outstanding experience to every customer, every time. If you feel you aren t getting the service you need, please contact us at wellsfargo.com/findcontact or , so we can address your concerns right away. 4

5 Mortgage documentation We will notify you about the specific documents required for us to underwrite and approve your mortgage based on your specific circumstances and mortgage choice. These may include some or all of the documents listed below. It s important that all pages of the documentation are included, even if a page is blank. Please be sure to get your documents to us as soon as possible. Delays in receiving your information may impact your loan closing date. Income information Most current pay stub(s) for all jobs and borrowers showing year-to-date information. 1 month (full 30 day period) If hand written pay stubs (non-computer generated), provide payroll register from employer Most recent federal tax returns (1040s including all schedules) One year Two years Three years If self-employed, two years required Most recent W-2s Two consecutive years Written explanation if employed less than two years or a gap in employment during the last two years Self-employment business documentation If 1120S, two years required and two most recent 1120S returns with K-1s If 1065, two years required and two most recent 1065s returns with K-1s If 1120, two years required and two most recent 1120 returns Pension award letter and most recent two months of bank statements to show proof of receipt Social Security award letter and most recent two months of bank statements to show proof of receipt Business information (if applicable) Letter from other business owners confirming access to business funds for personal use. Year-to-date profit and loss statement and balance sheet Year-to-date balance sheet and income statement (conforming, non-conforming, VA, FHA) Evidence that business pays expenses 12 months of business bank statements or 12 months of cancelled checks from business account Additional property ownership Latest mortgage statement for all properties you own, including first, second, and third mortgages, and any home equity lines of credit Real estate tax bill(s) for all properties you own Copy of homeowners insurance binder or bill for all properties you own (including flood insurance, if applicable) Verification for applicable homeowners association (HOA) dues for any properties you own Copies of any current leases for rented units that you own If using rental income to qualify, two years of most recent 1040s including all schedules Asset information Most recent two months of statements for the following account(s): Checking Savings CD Investment Retirement If another party is listed as an owner for a bank account and is not listed on the 1003, a joint access letter will be required Terms and conditions of withdrawal for all retirement accounts Proof of liquidation and deposit into bank account may be required Documents for any large deposits outside of payroll or gift funds Signed and dated letter of explanation and documentation supporting the source of funds for any large deposits Verification of gift funds source Full 30-day transaction history from the gift fund bank account Verification of gift fund destination Full 30-day transaction history from the gift fund bank account where gift funds were delivered (needed after transaction is complete) Signed and dated gift letter 5

6 Credit and liabilities information Judicial decree for any obligations due to legal action (ex: child support, alimony/spousal maintenance) Complete bankruptcy discharge papers and all schedules, if applicable Letters of explanation, if applicable Inquiries (180 days for conventional and 90 for government loans) Late payments Collections Verification of rent payments for utilities, rent, and car 12 months of relevant bank statements or cancelled checks (front and back) Verification that another party pays student loan payments 12 months of relevant bank statements or cancelled checks (front and back) Verification that another party pays auto loan payments 12 months of relevant bank statements or cancelled checks (front and back) Other information Two forms of legal identification, such as a driver s license and a Social Security card Homeowners insurance information (including flood insurance, if applicable) Contact information, including name and phone number, for: Employer Real estate professional Attorney Homeowners insurance agent Accountant Property management company Relocation coordinator Landlord Copy of all pages of trust agreement or signed trust certification, if applicable Copy of Power of Attorney, if applicable. If using any documents printed from the internet, the full URL address must be printed on the document We are required to collect and verify several different types of information from all customers, even if you have purchased or refinanced a loan with Wells Fargo in the past. For a complete explanation of documents required in the mortgage application process, visit our online document library. To learn more about the home financing process, watch this short video at Information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A Wells Fargo Bank, N.A. All rights reserved. NMLSR ID REV 6/14 6

Your home financing process checklist

Your home financing process checklist Darrin R Van Loo Home Mortgage Consultant Phone: 231-439-1119 Cell: 231-675-5833 Fax: 866-443-0471 3890 Charlevoix Ave, Suite 360 Petoskey, MI 49770 www.wfhm.com/wfhm/darrin-vanloo/index.page darrin.r.vanloo@wellsfargo.com

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