Preparing to Apply for a Mortgage
Headquartered in Mechanicsburg, PA, Lord Mortgage Corporation is a Pennsylvania mortgage brokerage that offers a wide-range of mortgage products to individuals looking to purchase, refinance or invest in real estate. Licensed by the Pennsylvania Department of Banking, Lord Mortgage is owned and operated by Dan Lord. Dan has over 20 years of experience in the mortgage industry.
Application and Disclosure Process
We will complete the mortgage application with you and send you the Application and Disclosure Documents to review, sign and return. Once you apply, it is very important that you do not make any purchases that require anyone to pull your credit report and do not increase your balances on any of your accounts.
What Documents Do I Need?
Below is a standard list of items required prior to taking the next step in the application process:
- Last 2 years of W2's and Tax Returns
- 2 most recent Pay Stubs or Proof of Income from all income sources
- 2 most recent Bank Statements, 401(k), Investment Accounts
Income / Assets for Wage Earner:
- Last 2 years of Tax Returns - Business and Personal
- Last Quarter Profit & Loss Statement
Income / Assets for Self-Employed:
- Employment Gaps or New Line of Work
- Late Payments / Judgements / Bankruptcy or Credit Inquiries
Letter of Explanation (if needed):
- Copy of your Driver's License
- Bankruptcy Discharge
- Child Support of Alimony Documentation
- Lease Agreements (if own other Rental Properties)
- Mortgage Statement (if you currently own Real Estate)
- Payment of the Appraisal
The Mortgage Process
We team up with industry leading appraisal management companies to help determine the market value of the property you are financing. We maintain very high standards regarding who we partner with for property valuation.
The same day we receive your signed Application, Disclosures and initial Documents listed above, we will submit your loan to the Lender for Approval. The Lender assigns your mortgage file to an Underwriter who will review your Application and make a decision.
Approved with Conditions
Congratulations, your mortgage application is now fully approved with conditions. Conditions are simply questions the Lender needs to answer with proper documentation. You and your loan officer will work together to answer their questions.
Processing is often considered the most important aspect of the application process. Our goal is to partner with you to document responses to the Lender's Approval Conditions. Borrowers that delay in submitting this information could experience problems with closing deadlines. To avoid this, our goal is to collect all Conditions in one week or less.
The Underwriter will now review your loan and verify that all Conditions have been met. Often the Documents we provided to satisfy the Conditions can create additional questions. This is very normal and there's no need to be concerned. Once again, we will partner with you to get this done.
We work alongside the closing attorney or title company to assemble the final paperwork. Everything we do leading up to this point ensures that the closing table is a smooth and exciting experience.