How does the loan process work - part 1 of a 3 part series
DDA Mortgage • January 29, 2020
Know how the loan process works from the beginning to the end before committing to a provider.
So, what is the first step to getting a mortgage in Florida? Watch the video to learn more.
The first step to getting a mortgage in Florida is to find a mortgage broker to take a loan application. Typically this is done over the phone. We ask some basic questions like where you've lived and where you've worked for the last two years? Who you do you bank with.
We ask yes or no questions on the declaration. We need your social, date of birth, and how many years of school do you have.
Once we get that loan application started, we can put your credit and we run it through DU and LP. We want to make sure it's approved before we submit it to the underwriting.
The other thing we're going to do is ask you for documents. we're gonna
need your documents so we're gonna ask
✓ 2-years personal returns
✓ 2-years of W-2’s
✓ 2-months bank statements with all pages
✓ Copy of drivers license and social security card
✓ Copy of leases if applicable
✓ Copy of mortgage statement
✓ Copy of owner's title policy if a refinance
✓ Copy of old survey if a refinance
✓ Copy of note and mortgage in some cases
✓ Letters of explanation if needed
✓ 2-years of W-2’s
✓ 2-months bank statements with all pages
✓ Copy of drivers license and social security card
✓ Copy of leases if applicable
✓ Copy of mortgage statement
✓ Copy of owner's title policy if a refinance
✓ Copy of old survey if a refinance
✓ Copy of note and mortgage in some cases
✓ Letters of explanation if needed
We do not have you send it to us directly. If anyone ever asks you for this information through an unsecured method STOP immediately. All brokers have secure emails so we send the information through a secure site. You open the site up and all you do is upload PDFs right in there.
The processor takes the files and waits for a home inspection and an appraisal which we will discuss further in Part 2 of our series.
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