Our mortgage experts make it easy.
Step 1: Get Organized.
Collect the documents you will need when meeting with your Bank Mutual Mortgage Expert.
- Copy of Purchase Sales contract or Offer to Purchase and all addenda (signed by buyer and seller)
- Past 2 years' tax returns and W-2s
- Past 2 years' employment history
- Last 3 consecutive paycheck stubs (5 if paid weekly)
- Name, address and phone for past 2 years' residence(s) and landlord(s). Renters should bring evidence of 12 months' rent payments.
- Last 3 months' statements for savings, checking, CD, money market accounts, etc.
- Recent statement on retirement accounts (IRA, 401K, 403-B, Annuity, etc.)
- Monthly payments and balances on all open accounts
- Divorce decree (if applicable)
- Bankruptcy schedules/Discharge papers (if applicable)
- If you are NOT a US citizen, provide a copy of your green card (front & back). If you are NOT a permanent resident provide a copy of your H-1 or L-1 visa.
Step 2: Pre-apply.
You can be pre-qualified (link to Mortgage Application form) for a home loan over the phone or on the Internet in a few minutes. Pre-approval is more rigorous and more useful. It includes verifying your credit, income, assets and liabilities. It helps you:
- Determine how much you can afford to borrow.
- Create a stronger negotiating position.
- Close in a shorter period of time.
Step 3: Learn.
There are many different loan programs to choose from and your Bank Mutual Mortgage Expert will help you find the right one. By asking the following questions:
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.
If you understand the relationship between 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 $150,000 loan is $1,500. The more points you pay, the lower your rate.
Step 4: Apply in-person or online.
Either way, we will walk you through the process and show you the documents you need to complete.
- Once your loan application has been received, the loan approval process starts 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.
- Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
- Anything that causes your debts to increase might have an adverse affect on your current application.
- Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
- Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.
- Notify your loan officer before applying for any other credit, including credit cards, personal loans or even with another mortgage company. 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.
Step 5: Close.
After your loan is approved, you will be required to sign the final loan documents. Be prepared to:
- Bring a cashier’s check for your down payment and closing costs if required. Personal checks are normally NOT accepted.
- Review the final loan documents. Verify interest rate, loan terms, name and address.
- Sign the loan documents. You will need to show a picture ID and you may be asked to show your Social Security card.