Most loans take 2-3 weeks to close We have broken the Loan Process into 4 easy to understand steps. Pre-approval: FREE - Apply Online, in person, or by phone Toll Free 1-877-805-3813. We will usually Pre Approve you within 24 hours. We will present you with a letter of pre-approval that you can present to your real estate agent or to the sellers. Loan Processing: A Title Commitment / Appraisal & Survey review will be required. Once we have received the necessary documentation (paystubs, bank statements, rental history, etc....) from you, we will check to ensure everything is in order for expedient final loan approval. Final Approval: The loan is then reviewed by an Underwriter for final approval and closing instructions are sent to the title company. Close/Funding: This is where you will meet at the Title company to sign final documents. After closing it takes 1-4 hours to fund purchases and 3 days for refinances. Generally Required Documentation Refinances require less / Better credit requires less Bank Statements Last three (3) months of consecutive statements (when cash reserves are required) Sales Contract Sales contract on purchase. Pay Check Stubs (last full month) IRA, 401K, Stocks, Bonds, Etc. Most recent statements showing balances for the last three (3) months or two (2) quarters (when cash reserves are required) Insurance Agent Name, company, and telephone number Appraisal Application Fee $325(most homes) W-2's and/or 1099's (last two years) Supplemental Information [needed when applicable] Complete Tax Returns (last two years) Cancelled Rent Checks (last 12 months) Final Judgement Divorce and/or child support, fully executed. Landlord Name and phone number(s). Final Bankruptcy Discharge List and copies of all included debt. Leases Current copies on each property. What is a mortgage? A mortgage is a loan secured by real property (permanently affixed to the ground house). There are 3 main types of mortgages: Conventional, FHA, & VA. Conventional This type is a mortgage that is insured by private corporations. If you conform to the private insurers lending guidelines you will be eligible for the best market interest rates. FHA (Federal Housing Authority) A mortgage that is under the lending guidelines set by the Housing and Urban Development department of the Federal Government. These mortgages allow you to borrow up to 97.75% of the purchase price of a home. These mortgages have a slightly higher interest rate but allow you to borrow money with less income and/or less-than-perfect credit. VA A mortgage that is insured by the Veteran's Administration. If you are a veteran or properly related to one, you can apply for this type of mortgage. These mortgages allow you to finance 100% of the purchase price of a home with less income and/or less-than-perfect credit. If you do not meet the guidelines for any of these types of loans you can still be approved for B/C Lending Amerinet Mortgage Helping you find the perfect fit