Prepare for Smooth Sailing from Application to Closing!

After you make your "initial application" - Owner occupied borrowers will be provided disclosures - Once you approve these disclosures the process begins:

Gathering Your Documents for a Successful Application:

A properly documented loan application assists us in making your processing quick and accurate. A checklist is provided and will help you assemble your paperwork. Please call us at 410-342-1404 for an application.

  1. Complete/sign the residential loan application, and review/sign the attached disclosures. Feel free to call if you are unsure about any of the entries or would like to discuss any of the information on a specific disclosure.
    1. After you accept our "Good Faith Estimate" you will need the following: 410-342-1404
  2. Provide copies of W-2's for the previous two years and your most recent past month’s pay stubs. If you are self-employed, provide copies of tax returns (all schedules) for the previous two years, and if possible provide a YTD profit and loss statement. Feel free to call us with questions. 410-342-1404
  3. If you are a landlord and own rental property, provide copies of recent rental agreements and tax returns for the previous two years, include all schedules.
  4. Provide copies of bank statements for the most recent two months, and recent statements for stock, mutual funds and IRA/401K accounts.
  5. If you are requesting a “cash-out refinance,” be sure to note on the application how you will be using the refinance proceeds (after paying off existing debts on the property.)
  6. Please provide a copy of your current driver’s license or photo ID, with legible ID #
  7. For refinances or home equity loans, please provide copies of your mortgage coupon/statement, current tax bill and home owner’s insurance info.
  8. Purchases: please provide St. Casimirs (or ask your real estate agent) for a copy of the executed contract of sale.
    Other items may be requested during the actual loan processing. Please refer to checklist in application package or call your St. Casimirs professional at 410-342-1404

Pre-Qualification

Being pre-qualified before you apply for a loan will set your guidelines and expectations for the amount you can borrow. St Casimirs can provide your real estate agent with a letter regarding your pre-qualification. You can be pre-qualified over the phone in just a few minutes.

Benefits:

  1. You will be counseled and informed of a comfortable monthly payment. Recommendations will be made as to your affordability index – what does that mean? We guide you in making good decisions to meet your family budget and goals. Our recommendations are only a tool, you will be making the final decision as to the value and mortgage you should be looking for, and save you from previewing properties outside your price range.
  2. Your contract will be considered a stronger offer and assist you in negotiating with the seller. The seller will know you can afford the purchase.

Shop Loan Programs and Rates

What loan program is best for your situation? Lenders offer many different loan options:

  1. Think about how long you plan to keep the loan. If you plan to sell your home in a few years, you may want to consider an adjustable rate or balloon loan. If you plan to keep your home for a longer time, you may want to consider a fixed rate loan.
  2. Understand rates and points. Points are considered prepaid interest and may be tax deductible. Each point is equal to 1 percent of the loan. For example 1 point on a $200,000 loan is $2,000. Many St. Casimirs programs require the payment of no points at all.
  3. Compare different loan programs. Consult an experienced St Casimirs loan officer who can help you find a loan program that best fits your plans.

Loan Processing and Approval

Once your loan application has been received, we will start the loan approval process immediately. This involves verifying your:

  • Credit history
  • Employment history
  • Assets including your bank accounts, stocks, mutual fund and retirement accounts
  • Property value

Based on your specific situation, additional documents or verifications may be required.

To improve your chances of getting a loan approval:

  • Fill out the loan application completely and honestly.
  • Respond promptly to any requests for additional documents. This is especially critical if your rate is locked-in or if you need to close by a certain date.
  • Do not make any major purchases including a car, furniture or another house until your loan has closed. If you have recently done so, be sure to inform your loan officer because anything that causes your debts to increase may have an adverse affect on your qualification.
  • Do not move money around between bank accounts because we have to track your funds for closing. If you are receiving money as a gift, indicate that on your application.
  • Notify your St Casimirs loan officer before applying for any other credit, including credit cards, personal, student or mortgage loans. Some loan programs have strict guidelines regarding your credit score. Credit inquiries may lower your credit score and may have an adverse affect on your loan approval.

Settlement

After your loan is approved, you will sign the final loan documents. This will normally take place with a settlement attorney or title company. For some home equity loan programs you will settle with a St. Casimirs representative.

Be prepared to:

  • Bring a cashier’s check for your down payment and closing costs if required. Personal checks are normally NOT accepted. Call ahead to be certain—your title company/attorney will specify the amount you need for closing and the type of check they require.
  • Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify the accuracy of the name and address on the loan documents.
  • Sign the loan documents. The notary will require that you have picture ID with you.

Note: For refinance and home equity loan transactions, Federal law requires that you have three days to review the documents before your loan transaction can be funded. You will receive the proceeds of the loan on the 4th business day following document signing. Purchase transactions do not have this three day Right of Rescission and so “making the transaction final.”