Are you not sure how to get started, we will help you! In order to get the approval process started, please gather the following items and send to us or drop off at our offices. We like to work for approval instead of just pre-approval so that you’re ready to buy when the time comes.
What Documents will I Need?
• Last two pay stubs (when you receive the next one automatically send it over to your loan officer, that keeps the file active)
• Last two years W2’s, 1099’s, K-1’s (most people are straight w-2 so unless you’re self employed you won’t receive a 1099, k-1’s are if you receive dividend income or are self- employed.)
• Last two years tax returns (all pages including schedules- If you write too much off on your schedule A this could be a problem)
• Last two years 1120’s or 1065’s if applicable (again, if self employed)
• Last two months (consecutive) bank statements for checking and savings (all pages even blank ones; when you receive the next one automatically send it to both of us) for any print screens the URL will need to be at the bottoms including, name and address
• We will need to source all large deposits that are not payroll related
• Which account is your down payment coming from
• 401k statement or stocks, any assets for the last two months. If they are quarterly, send the last quarters statement along with a current print screen.
• IRS Transcripts (validation that your tax returns are filed with the IRS)
Please follow the directions from the IRS website: http://www.irs.gov/Individuals/Get-Transcript
If you are unable to do this, we will order them for you!
• Contact for Human Resource Department to Verify Employment within 10 days of closing and Three days after closing (it must be done twice) Does your employer use thetheworknumber.com? if so you will need to set up a salary key code and PIN number.
• Copy of driver’s license (front and back, we can’t wait to see your photo)
• Please email your loan officer with your current employer name, address, job title, length at current employer. If less than two years please list all employment for the last two years.
What happens once you are under contract?
• Executed (signed) Purchase Contract with all seller’s disclosures (typically your Realtor will give you this)
• Earnest money – once the earnest money has cleared your account, we need a copy of the front and back of the checks, please make sure the print screen shows the web address at the bottom and showing that the money came out of your account. (Typically, you will give two checks, we will need the image of the front and back for both along with the transaction history showing it cleared) The transaction history needs to start the last day of your last statement.
The Importance of Verifying Earnest Money
It is essential for the underwriter to be able to see that the Earnest Money deposit has come from your account. This allows the Earnest Money to be applied towards your down payment and minimum required investment. With that in mind, this is what is needed to verify your Earnest Money:You will need to obtain a copy of the cancelled check (the check that has cleared your account) whether it is a standard or cashier’s check. Additionally, we will need the bank statement showing the amount of the actual check clearing your account with the check number matching that on your bank statement. If money is withdrawn to purchase a cashier’s check, the date of the withdrawal should match the date of the check and the amount should either match the check, or be very similar.
REMINDER: When you receive a new pay stub or bank statement send it over automatically, we need all pages even the blank ones. If there are an deposits that are not payroll deposits we need to see the bank account (all pages) of where that money came from. Do not deposit any other money than Payroll deposits. If you receive any expense reimbursement checks we need a copy of the checks. Your down payment needs to be in a liquid account 3 to 4 weeks prior to closing. This means if it’s coming from stocks you will need to sell the stocks in advance so that we can meet the purchase agreement dates.
Once you send over your documents send a follow up email to make sure they have been reviewed. Once the loan officer orders and receives the items that they needs, they will send the file to one of our efficient processors You are in great hands!
Then the file is moved to underwriting. The underwriter will review the file and issue a commitment letter with conditions. We will then reach out to you for the conditions. Please send the conditions that we need back the same day or next day, it is crucial to keep this process moving so that we meet the deadlines.What can delay a closing and how can you help?After attorney review, get your Insurance – you don’t have time to sit on thisMy office will need this one week after you are under contract, you will pay it in full for one year and then send the insurance Dec page and the binder- Please get an Insurance Quote this week, do NOT wait. If you like the quote order the insurance.
They will ask you for the following information:
KeySmart Mortgage Co.
6847 Cermak Road
Berwyn, IL 60402