It’s go time!
So, you’ve decided to take the plunge and buy your first home! Congratulations, it’s exciting and maybe a little bit scary. You know what the end goal is, but you don’t know what the process is like or what to expect along the way. I’m Amy Clark, your home loan expert at PCCU and I’ll give you a better idea of the typical process and what you’re likely to experience as you move forward from your loan application to closing.
Here’s what you’ll need to get started on your mortgage application:
- Employment history for the past 2 years
- Residential history for the past 2 years
- Outstanding balance of any current debt (such as student loans or car loans)
- Social Security number
- Pay stubs from the past 30 days
- W-2s for the last 2 years
- Bank statements for all financial accounts
As a part of this process, we’ll run your credit report. This report considers your credit card balances, bill payment history, and a number of credit accounts to generate your overall credit score. This will impact our decision to lend to you, and at what interest rate.
Processing is when we verify that all the information you have provided is accurate. We also verify all information related to the house you want to purchase, and will order an appraisal. It’s also a good idea for you to hire a home inspector to go through the home thoroughly and determine if there are any problems with it that a casual walk-through might miss, like a cracked foundation, wiring problems, etc. that could be costly down the road.
This is when your new purchase is made official and the property title passes from the seller to you, the buyer. This involves signing multiple closing documents. For more information on the legal purpose of these forms, ask me to walk through these documents with you in advance.
The servicing of your mortgage is the process by which your loan payments are collected, your escrow account is managed, and your taxes and property insurance are paid. Even though we granted your loan, our partners at MyCU Mortgage assist us with things like collecting the payments and providing you with statements.
Remember that PCCU is on your team. We want to help you through this process and make it as easy as possible for you. If you have questions or concerns at any point, reach out to us. I’m here to help at firstname.lastname@example.org or by phone at 765-960-8618.