What You Can Expect. Home Loans From Schwab Bank.

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1 What You Can Expect. Home Loans From Schwab Bank.

2 Welcome. Whether you re applying for your first home loan, refinancing an existing loan, or seeking a home equity line of credit, understanding the process can help move things along smoothly. Use this guide to gather the necessary paperwork before you start, and know what to expect every step of the way. Schwab Bank is committed to providing you with a team you can rely on throughout your loan processing experience. This helps ensure that you fully understand what s required to close your loan.

3 Gather Your Required Documents Recent industry changes designed to protect consumers have led lenders to require more documentation. Here are the types of documents that may be requested. Documents Time Frame Notes Personal and business tax returns W2s and 1099s Most recent 2 years Most recent All pages Pay stubs Most recent/past 30 days YTD income Bank and brokerage statements Two months Show assets stated on application If the title will be held in a trust: Trust agreement All pages Copies of documents provided must include all pages (including blank pages). A detailed list of conditions will be included in your application package. New rules protect consumers from appraisers who might mislead buyers by appraising a home for more than it s worth. Schwab Bank uses an appraisal management company to employ the appraiser. This helps to ensure a fair, accurate appraisal. It s possible your home may receive a low appraisal. If the appraised value of your home is lower than you expected, your loan terms may change, impacting approval status, interest rate, points, and/or maximum loan amount.

4 Know What to Expect What happens after you ve submitted your application. Closing Your Loan: Refinance and Home Equity Lines of Credit Purchase Loans Helpful Reminders: Loan Documentation Schedule the Appraisal 60 days to close, in most cases (after interest rate is locked in) 30 days or more to close (typically) Return all required loan documentation within a week of receipt of your application package to help ensure your loan closes before the rate lock expires. Schedule the appraisal within three days of the appraiser contacting you. hase 1 Phase 2 Application and pre-approval process Upon conditional approval, provide the documents required to meet the loan conditions. Underwriting and appraisal review Processors review the documentation you provided with the underwriting specialists. Additional documentation might be requested for loan approval. Title review and document preparation Generally no borrower involvement during this period. Your Timeline at a Glance Phase 3 Meet with the closing agent or have documents notarized Right of rescission period, when required, is included. Funds are disbursed. Phase 4

5 Get Help Along the Way Expect your Loan Processor to contact you: Upon receipt of your application package To schedule closing Upon final document review/ approval Upon receipt of the appraisal, or once your loan is approved Mid-process to complete an survey A dedicated Schwab Bank Loan Processor will guide you through the process, backed up by a team of people prepared to meet your needs if the Loan Processor is unavailable. We strive to reply to all calls and s within 24 hours. We re Here to Help Please contact your Loan Processor or Schwab Bank at , Monday Friday, 8:30 a.m. 9:00 p.m. ET and Saturday, 8:30 a.m. 5:00 p.m. ET. Or call your Schwab Financial Consultant directly.

6 This offer is subject to change or withdrawal at any time and without notice. Nothing herein is or should be interpreted as an obligation to lend. Loans are subject to credit and property approval. Some restrictions may apply. Rates and terms are subject to change without notice. Hazard insurance may be required. Charles Schwab Bank and Charles Schwab & Co., Inc. are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Investment products offered by Charles Schwab & Co., Inc. (member SIPC) are not insured by the FDIC, are not deposits or obligations of Charles Schwab Bank, and are subject to investment risk, including the possible loss of principal invested. Charles Schwab & Co., Inc. does not solicit, offer, endorse, negotiate, or originate any mortgage loan products and is neither a licensed mortgage broker nor a licensed mortgage lender. All mortgage loans are offered and provided by Charles Schwab Bank, member FDIC and an Equal Housing Lender. Charles Schwab Bank is not acting or registered as a securities broker-dealer or investment advisor Charles Schwab Bank. All rights reserved. Member FDIC. CS ( ) SLS56950FM (11/10)