Mortgage Terms Glossary
Educate yourself on the terminology of the mortgage industry with our easy to use mortgage terms glossary.

Helpful Mortgage Tips
We provide you with the information you need to make your closing easy, fast, and hopefully a little less stressful.

The THREE most important things to do when Looking for a loan.

1. Organize Your Documents

If you are buying or refinancing a home

• If you are salaried: provide two years W-2 and one month of pay stubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
• If you own rental property, please provide rental agreements and two years tax returns.
• If you wish to speed up the approval process, please also provide three months bank statements for each bank, stock and mutual fund account.
• Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
• If you are requesting a cash out refinance please provide a letter explaining what you plan to do with the proceeds.
• Provide a copy of divorce decree if applicable.
• If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

If you are applying for a home equity loan

• If you are salaried: provide two years W-2 and one month of pay stubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
• If you own rental property, provide rental agreements and two years tax returns.
• Provide a copy of the note on your first mortgage. This will normally be found in your closing loan documents.
• Provide a signed letter explaining what you plan to do with the proceeds.
• If you are requesting a cash out refinance please provide a letter explaining what you plan to do with the proceeds.
• Provide a copy of divorce decree if applicable.
• If you are NOT a US citizen, provide a copy of your green card (front & back), or if you are NOT a permanent resident provide your H-1 or L-1 visa.

2. Shop For Loan Programs and Rates

Simply review multiple lenders and find one that will work best for you.

3. Close the Loan

After your loan is approved, you will be required to sign the final loan documents. Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.

Now for the most exciting part Closing the Loan and getting the house of your dreams. If you collect the paper work and use LendingSourceOnline.com to find the best lender for you step 3 should be the easiest of them all.

Form More Information Click Here