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If you are buying or refinancing a home you can get a head start by locating a
few of the most commonly required documents.
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If you are salaried: two years W-2 and one month of pay stubs, OR if you are
self-employed: two years tax returns and a YTD profit and loss statement.
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If you own rental property, and wish to use the rents as income, you will need
rental agreements and two years tax returns.
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You can speed up the approval process, by knowing the current state of your
assets, such as Checking Account balances, Savings Account balances, 401K
balances, any Stocks, Bonds, Retirement accounts, etc.
If you are applying for a home equity loan, in addition to the items listed
above, you should also locate.
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A copy of the note on your first mortgage. This will normally be found in your
closing loan documents.
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Getting qualified before you apply for a loan can help you understand how much
you can borrow.
When financing a house, you may get pre-qualified or pre-approved. We can help
you get pre-qualified over the phone or on the Internet in a few minutes. A
Pre-Qualification is based on unverified income and can assist you in defining
a price range that best fits your budget so you don’t waste time looking for
properties outside your range.
A Pre-Approval involves verification of your credit, income, assets and
liabilities by one of our qualified professionals. A pre-approval can be very
beneficial when negotiating a real estate purchase because the seller knows
that your loan is already approved; it can also help you close quickly, since
your loan is already pre-approved. Therefore, we highly recommended that you
get pre-approved before you start looking for a house.
Check out our Pre-Qualification Calculator
to get an idea of what you qualify for or go to
Pre-Qualify or Pre-Approval
to get started. Back to Top
To shop for a loan you will need to:
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Think about your future goals. Choosing the right loan can have a dramatic
impact on your financial position. Identifying your future goals is a key
component in finding the most beneficial loan for you. Some questions to
consider and discuss with your Lucidia Group Mortgage Advisor are:
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How long do you plan to own the property?
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Will you need a larger house as your family grows?
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Will you want to downsize in the next few years (children moving away, etc.)?
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Do you want to utilize the equity in your home to lower your debts?
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Do you want to utilize the equity in your home to improve your home?
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Are you considering future or current real estate investments?
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Compare different programs. Shopping for a loan can be difficult. With over
40,000 programs to choose from, each of which has different rates, points and
fees, it's hard to figure out which program is best for you. Lucidia Group
offers free loan analysis and consultation which provides all the information
you need to ensure that together we select just the right loan for you. That's
a partner. That’s Lucidia Group.
Click here to get more information on Loan
Programs or click here to get
Current Rates. Back to Top
Applying for a loan has never been easier. Lucidia Group offers several easy
and flexible options for completing the loan application. You can choose to
fill out an application yourself or have a Mortgage Advisor complete the
document over the phone. We also provide you options to use the format you
prefer: online, telephone, fax, or mail.
Check out our options to ApplyBack
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Once your loan application has been received we will start the loan approval
process immediately. This involves verifying your:
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Credit history
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Employment history
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Assets including your bank accounts, stocks, mutual fund and retirement
accounts
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Property value
Based on your specific situation, additional documents or verifications may be
required. To improve your chances of getting a loan approval:
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Fill out the loan application completely.
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If your rate is locked or if you plan to close by a certain date, be sure to
respond promptly to any requests for additional documents.
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It is advisable not make any major purchases. However, if you are considering
major purchases please consult your Mortgage Advisor to fully understand the
implications on your loan. Anything that causes your debts to increase might
have an adverse affect on your current application.
If you have already submitted an application to Lucidia Group, click here to
check your loan status. Back to Top
Setting the Date
After your loan is approved, your Mortgage Advisor will work with you
to set a closing date. Consider a date that will work with your schedule or
speak to your Mortgage Advisor about additional options. Lucidia Group can
arrange for a closing just about anywhere. The closing will normally take place
in front of a notary public.
Preparing for Closing
Your Mortgage Advisor will make sure you are informed of the time,
place, and specific items needed for your closing. Here are some examples of
common items required at closing:
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If you are providing down payment or closing costs, payment is required at
closing and generally requires a cashier’s check.
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Driver’s license (or acceptable form of ID) for all parties signing on the
loan.
During Closing
Prior to signing your final loan documents, it is a good idea to
review all the information on the documents for accuracy (name, address, social
security number, interest rate, loan terms, etc.).
Your loan will normally fund shortly after the closing. On refinance and home
equity loan transactions federal law requires that you have 3 days to review
the documents before your loan transaction funds. Back
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