Home Buying Process
You can contact us by email, text, phone, (livechat, if added), or in person depending on your location at your convenience to go over your goals and objectives to know your options and make an informed decision today. We don’t need to pull your credit up front to answer questions and go over estimates but will need to for issuing a loan estimate with exact quotes or to issue a pre-approval letter for purchasing a home. You can have your credit checked up to 3 times in a 30 day period without negatively affecting your score.
Gather Your Documents
This is the next step in having your loan pre-approved and verified.
Next Steps In The Home Buying Process
- Web Portal - If you apply online and create a login and password, you can log back in anytime to upload your documents securely.
- Dropbox - We can also do a shared folder in Dropbox with you to upload your documents to.
- Email – this is not as secure unless you can password protect or encrypt but we do accept this format for sending documents.
- Fax – this is not a preferred method because they can be hard to read, however, you can fax your documents to us as well.
- Mail – you can mail your documents to our corporate office or your local office. Our corporate office location is 509 Scott Ave Ste 154 in Woodland Park, CO 80863.
- In Person – you can drop off your documents at one of our offices or give to your loan officer in person
DOCUMENTS NEEDED FOR LOAN:
___ Two Years Personal Tax Returns
___ Two Years Business Tax Returns
___ Year to Date Profit and Loss Statement for Business
___ Current Balance Sheet for business
___ Business License
___ CPA Information
___ Proof of Self-employment Current Existence and Two-Year History
___ 24 Months Personal Bank Statements (All Pages)
___ 24 Months Business Bank Statements (All Pages)
___ 12 Months Personal Bank Statements
___ 12 Months Business Bank Statements
___ Last Two Years W-2 Forms
___ Last Months’ Worth of Recent Pay-stubs
___ Last Three Months Bank Statements (ALL ACCOUNTS)
___ Most Recent Statements on all Asset Accounts such as 401k, stocks, bonds, etc.
Property Related Documents
___ Insurance Dec. Page or Insurance Agents Name and Number
___ Home Inspection, Pest Inspection, Survey
___ Recent Home Tax Information
___ Recent Mortgage Statement on all Mortgages
___ Payoff and Pay History
___ Lease Agreements
___ If Purchase, Purchase Contract (ALL PAGES MUST BE LEGIBLE)
___ Contract for Deed
___ Lease Purchase Agreement
___ Power of Attorney
___ Letter of explanations on credit, income, housing, job situation, etc., as applicable
___ Recent statement for any debt being paid off before or at closing
___ Credit documents _____________________________________________________
___ Divorce Decree and Alimony documents
___ Child Support documents
___ Copy of cancelled earnest money check on purchases
___ SS# and credit pulled for Non-purchasing spouse if in community property state
___ Copy of Driver’s License and Social Security Card or other acceptable ID forms
In General, this is the basic process you can expect:
Application – In this initial step, your basic information is reviewed along with your credit report to determine what loan(s) you qualify for and what option you want to go with. It is best to turn in copies of documents needed at this point in the process but it is not legally required.
Disclosure – Initial disclosures must be issued within three business days of the application date and must be signed in order to start the processing of the loan and ordering things like title work, appraisal, and verifications for loan underwriting.
Processing and Verifications – In this step, your documents and information are verified and approved. Your loan processor will gather documentation, do order outs for things like your appraisal, title work, property insurance verification, and loan processing verifications.
Initial Underwriting – This is one of the most important steps in the process and is where your loan is conditionally approved. A list of final items is generated that are required to get the loan cleared to close (ctc).
Final Processing and Verifications – Your loan officer and processor will now work to get the list of conditions from your approval done.Final Underwriting and Clear to Close – The loan is resubmitted back to the underwriter for final approval and the list of conditions is cleared at this time and the loan is made as cleared to close.
Closing Disclosure – The initial closing disclosure must be signed at least three business days prior to closing on most loan types. This is a federal TRID requirement for most mortgage types. This document can be issued without a clear to close at times, however certain things must be in and approved by underwriting, like asset documentation and your property appraisal. It is our goal at Skyridge Lending to issue this document as soon as possible to keep things moving along in the loan process as efficiently and quickly as possible.
Closing – Once your loan is cleared to close and your initial closing disclosure is signed, your closing date and time are set and confirmed. Your loan officer will go over your funds to close amount and how to get your funds to the title company. Important Note: There is fraud going on about funds to close so please check with your loan officer and title company before just wiring funds based off of an email and make sure it is correct.
Funding – Once your loan is closed the title company will usually make sure everything is signed appropriately with either the lender’s closer or one of our closers and then fund the loan. For a purchase transaction this usually takes 20 to 30 minutes. For a refinance, if it is investment property it is a similar process, if it is owner occupied then there is a mandatory three day right of rescission based on federal law that gives you three days to review the closing documents until the loan funds.