Vendors

Our trusted vendors will work alongside the MREG team to give you the best home buying & selling experience from start to finish.

Cyrus Jaffery
Cyrus JafferyState Farm Insurance Agent
Greg Dawes
Greg DawesSenior Loan Officer, New American Funding
Francisco Serrano
Francisco SerranoSenior Mortgage Loan Officer / Assistant Vice President

FAQ: What is the Mortgage Process?

STEP 1

Pre-Approval & Initial Loan Application

Make formal loan application and provide documentation to your lender. You should also discuss locking in an interest rate. For a complete list of loan application documents.

STEP 2

Complete Any Required Disclosure

Review and ask any questions you may have. Sign and return so that your loan can move to the Loan Processor.

STEP 3

Loan Processing

The Loan Processor reviews your application and may request additional documentation that will be needed for your file. They will order and gather the appraisal, title work, flood certificate, tax transcripts, and verify your employment. Please make sure to have pay stubs and bank statements accessible in case more documentation is required.

STEP 4

Underwriting

The Underwriter reviews the entire file to make sure that it complies with Loan Investor’s guidelines. Additional documentation may be requested before a formal decision is made. Upon approval, any final conditions must be satisfied before the loan can move into Closing.

STEP 5

Closing

The Closing Team will provide official instructions and the loan documents to the Title Company. You’ll need a wire transfer for any funds required at Closing. The loan fund and monies are dispersed when all parties have signed and the acceptable documentation is returned to the Closing Team.

  • Be prompt in providing requested documentation
  • Don’t change employment or incur additional debt during the home-buying process
  • Contact your Loan Officer before making non-payroll deposits or transferring assets to ensure proper documentation is obtained

FAQ: What Documents Are Required?

Income (If Employed)

  • Names, address & phone numbers of employers (last 2 years)
  • Paystubs (or copies) of last 30 days of employment
  • W2’s (last 2 years)
  • Tax Returns (last 2 years)
  • Income sources & amounts

Income (If Self-Employed)

  • Current Profit and Loss Statement
  • Personal Tax Returns including all schedules & W2’s (last 2 years)
  • Business Returns in addition to Personal Returns, if you own 25% or more in a partnership or corporation (last 2 years)

Miscellaneous Income

  • Copies of 1099’s, Income Stubs, Award Letters for Social Security, and Retirement Income
  • Complete Divorce Decree and Property Settlement Agreement, if relying on income, or have obligations as a result of child support or alimony
  • Lease Agreements, Copy of Tax Bills, and Insurance Declaration pages for all rental properties owned

Assets

  • Last 3 months of Bank and Asset Statements (all pages)
  • IRA, 401K, VIP, Pension statements
  • Stock & Bond statements
  • Market Value of Real Estate
  • Knowledge of the value of your personal property, including household goods and personal property, autos, life insurance or miscellaneous assets
  • Copy of Earnest Deposit check and evidence it has cleared your bank account

Liabilities / Obligations

  • Account numbers, payment amounts & balances
  • Credit Cards – minimum payments & balances
  • Child Care costs • Alimony & Child Support amounts
  • Required monthly payments and balance on any obligation you currently have

VA Home Loans

  • DD214
  • Certificate of Eligibility

Other Information

  • Social Security Number
  • Valid identification
    Past residences & landlords’ phone numbers (last 2 years)
  • Copy of Hud-1
  • Settlement Statement or Closing Disclosure on recently sold home
  • Copy of Bankruptcy papers: petition, discharge & detailed information
  • Copy of fully executed Purchase Agreement