This section is provided for the client (you) so you may prepare for your loan and not be overwhelmed at one time. Below you will find a checklist of necessary documents if you are purchasing a home or refinancing a home with WEI.
Every client’s situation is vary so we may require more document depending on the circumstances. Reference below checklist to expedite the process of getting a first mortgage or refinance.
 |
|
 |
Signed 1003 Uniform Residential Loan Application - ORIGINAL |
|
Signed Good Faith Estimate, Truth in Lending Statement, and Federal Disclosures (This will be provided after submission of Loan Application and Rate Lock-In). [Purchase only] a complete copy of the fully ratified contract is required. (Please consult your realtor) |
|
Employment Verification Documentation (2 previous years of following documents)
|
|
Most recent 2 Pay Stubs for at least 30 days - MUST be issued within 30 days from the settlement/closing date. |
|
Most recent 2 monthly statements from Bank/Investment/Retirement Account (all pages) - MUST be issued within 30 days from the settlement/closing date |
|
Photo copies of ID - Must include photo
|
|
After the submission of Loan Application and Rate Lock-In, Credit Report Fee for each borrower and Appraisal Fee for the property MUST be paid by applicants before proceeding to next step. |
|
[Purchase only] Fully Ratified Contract (Please consult your realtor) |
|
Hazard/Home Owners Insurance needs to be purchased starting on the closing/settlement date. The policy MUST cover the entire loan amount and replacement cost of the home. Covering the sales price is recommended. (Please consult an insurance professional) Provide the insurance agency’s contact information. |
|
[Refinance only] Owner’s Title insurance if purchased, Survey if available, mortgage statements for all mortgages and a copy of the deed (not to be confused with deed of trust) |
|
[Refinance only] Home Owners Association/Condominium Contact information: phone number, website, contact person |
|
In some cases a Verification of Employment statement may be necessary. (We will supply the form that needs to be submitted to a manager or the HR department of your company to be filled out and signed) |
|
If some monies are to be gifted to you, it MUST be from a family member and they MUST fill out and sign a standard gift letter. (If applicable please contact your loan officer to obtain more information.) |
|
In some instances other disclosures may apply. For example: If your loan is an arm product or a balloon product then specialized disclosures are needed. |
| THE DOs | |
|---|---|
 |
Keep originals of all pay stubs, bank statements and other important financial documentation. Do keep all pages of these documents even if the pages are blank. WEI Mortgage is required to update any and all documents that are over 30 days old prior to the closing of your mortgage loan. (This is required even if your loan is approved.) |
|
Provide all documentation for the sale of your current home. (i.e., sales contract, closing statement employee relocation/buyout program.) |
|
Notify your Loan Consultant if you plan to receive gift funds or any other monies that are not from your own assets for closing costs. |
|
Notify your Loan Consultant of any employment changes (i.e., change of employer, recent raise/promotion, transfer, change of pay status, such as salary to commission scale, etc.) |
| THE DON'Ts | |
 |
Change jobs/employer without inquiring about the impact this change would have on the approval/approvability of your mortgage loan. |
|
Make major purchases during or prior to closing (i.e., new car, furniture, appliances, electronics, etc.) as this may impact your qualification ratios. Please confer with your Loan Consultant to have him/her calculate what your ratios would be with any additional debts. |
|
Obtain and/or deposit unusually large sums of money without notifying your Loan Consultant. FNMA/HUD guidelines require documentation as to the source of these funds (i.e., copy of bonus check, copy of tax refund, copy of insurance settlement, gift letter with copy of check and deposit slips, etc.) |
|
Close/open or transfer any asset accounts without acquiring the proper documentation required for your loan file. (i.e., If you transfer all the funds in your stock account to your savings account, documentation is required.) |
|
Open or increase any liabilities, including credit cards, signature loans, etc., during the loan process. Please check with your Loan Consultant for any documentation that will be required and what impact this would have on your qualification ratios. |
Obtaining Homeowner’s Insurance
All of us at WEI Mortgage Corporation would like to thank you for choosing us as your lender or broker.
There will be various requirements regarding your closing. One will be homeowner’s insurance. You will need to provide WEI the name and telephone number of your homeowner’s insurance agent within one week of your mortgage application date.
If this is a purchase of a home then your will need to provide us with the name and number of a preferred insurance agent or company so that we can aid you obtaining a homeowner’s insurance policy.
