What You Need to Know About The
MORTGAGE PROCESS
What You'll Need to Qualify in Today's Market:
Down Payment:
Generally between 5-20% of the purchase price (Many buyers are putting down 10% or less -with some putting down as little as 3%)
Income Verification, Credit History
& Asset Documentation
Impartial Third-Party Appraisal:
As your lender, I need to verify the value of the
house you want to purchase
Stable Income
You will interact with various professionals during the homebuying process, all of whom are valuable resources and perform necessary roles.
1
When you apply for a mortgage loan, Arcstone Financial provides you with initial loan disclosures within three days of the application. These disclosures are not meant to convey the final terms of the transaction, but they do give you a realistic look at what you can expect in terms of costs, monthly payments and loan structure.
PLEASE SIGN THEM IMMEDIATELY AND RETURN THEM TO ME.
2
As your lender, I need to verify the value of the house you want to purchase. I will need to get and appraisal ordered for the subject property unless I tell you otherwise. You will be asked to pay for this with your own credit card.
3
I will be ordering various services on your behalf to validate the file and get the items needed to receive an approval. Items may include: written verification of employment; IRS verification of your filed taxes; verification of deposits, etc. Either I, or the processor assigned to you, will contact you by phone and/or email should we need further information from you, or items corrected or resigned.
4
Your Arcstone processor conducts a thorough review of your documentation and obtains all outstanding paperwork necessary to move the file forward. Your response time to the outstanding items, if any, will dictate how fast I can move the file further. Please respond within 24-48 hours of the request.