Home Buying Process

1. Organize Your Documents

A properly documented loan application will usually ensure a smooth process. Use our checklist to gather the appropriate paperwork.

Please note that copies of all documents should be provided, not the original forms.
If you are salaried, provide W-2s for the previous two years, plus one current month of pay stubs. If you are self-employed, provide signed tax returns for the previous two years, including all schedules and a year-to-date profit and loss statement.
If you own rental property, provide recent rental agreements and tax returns for the previous two years, including all schedules.
Provide bank statements for the previous three months and recent statements for stock, mutual funds, and IRA/401K accounts.
If you are requesting a cash-out refinance, provide a letter detailing how you plan to use the refinance proceeds.
If applicable, provide a copy of your divorce decree and settlement agreement.
If you are not a U.S. citizen, provide a copy of your green card (front and back), If you are not a permanent resident, provide a copy of your H-1 or L-1 visa.
If any borrower has filed bankruptcy, provide the Discharge Notice, filing, and schedule of creditors.
If you are applying for a home equity line of credit or loan (second loan), also include your first mortgage note. This should be with your closing loan documents.

2. Get Qualified

Being qualified before you apply for a loan will help you determine how much you can afford to borrow. When looking for a new home, it is always beneficial to be pre-approved or pre-qualified.

Though not as powerful as a pre-approval, pre-qualification does provide assistance to both the buyer and the seller, and pre-qualification can be granted over the phone or Internet within minutes.

Pre-approval requires a more rigorous process, such as verification of credit, income, assets, and liabilities. Pre-approval is highly recommended before you begin house hunting. Being pre-approved will:

allow you to look at homes within the price range you can afford.
give you the power to negotiate with the sellers.
save time on closing since your loan has already been approved.

3. Apply for a Loan

Help Connexus help you! A mortgage application is the beginning of a process. This includes verifying your income, credit report and history, home value, assets, liabilities, and closing on a home.

If you're considering making a financial change, such as purchasing a new car, requesting a personal loan, or transferring or activating credit cards, be sure to complete all these transactions prior to submitting your mortgage application so the data is stable and up-to-date.
Fill out the application completely, and be mindful that all necessary funds for your home purchase, including down payment and closing costs, need to be verifiable. Also keep in mind that you should be present for your closing. If you won't be available, give Connexus plenty of notice, and sign a power of attorney authorizing another individual to sign paperwork on your behalf.

4. Obtain Loan Approval

We will start the approval process immediately upon receipt of your loan application. This entails verifying your personal information, such as credit history, employment history, credit union, bank, and retirement accounts, stocks, mutual funds, and property value. Based on your situation, additional documents or verifications may be required.

5. Close the Loan

Once your loan is approved, you must sign the final loan documents. This will take place in the presence of a notary public. Be prepared to:

Bring a cashiers check for your down payment and closing costs or have these funds on deposit at Connexus.
Review the final loan documents and confirm that the interest rate and loan terms are what you were promised. Also verify the accuracy of the name and address on the documents.
Sign the loan documents. The notary will require a picture ID from you.

Those applying for refinancing or home equity loan transactions are granted three days to review the documents.