The Mortgage Loan Process

THE HOME-BUYING PROCESS

HOW TO START

FINDING YOUR HOME

WHAT TO EXPECT

INITIAL STEPS

LOCKING IN YOUR INTEREST RATE

COMPLETING THE PROCESS

SERVICING OF YOUR PERMANENT MORTGAGE

THE HOME-BUYING PROCESS
Buying your home is an exciting adventure, but it can be frustrating if you don’t know what to expect. Land/Home Financial ensures you know what to expect when you apply for a mortgage. That’s because we keep you informed throughout the process. Land/Home Financial is here to help you get the most home you can afford as simply, easily and conveniently as possible.

HOW TO START
To begin your home, the first thing you’ll need to do is determine what kind of financing you’ll need for the home you would like to buy. A call to a Land/Home Financial manufactured and modular home loan officer is the best way to find out what kind of financing suits your situation, including the type of construction loan you may need if you are interested. If you have an interest in a construction loan please see the Construction Loans link on this Web site. After talking with a loan officer over the phone, we’ll start the pre-approval or loan application process immediately.

FINDING YOUR HOME
With your pre-approved commitment from Land/Home Financial, you can shop for a home that meets your needs with confidence because you’ll know how much home you can afford. We can provide a list of retailers or builders in your area if you desire. And you’ll have the opportunity to take advantage of construction loan terms you are comfortable with if you have that need. Once you’ve chosen the home that’s right for you, we’ll complete a loan application for you to sign and request the documentation listed below.

WHAT TO EXPECT
Once Land/Home Financial has received your signed loan application with the required documents, we’ll send it to our processing department and then for underwriting approval. After all documents have been reviewed and program guidelines met, the underwriter issues an approval. Now let’s look at the Initial Steps.

INITIAL STEPS

The Application Process
Items Needed At Application

The Application Process

A telephone interview takes place between you and your Land/Home Financial Loan Officer.
All items checked under the Items Needed at Application (below) should be available to enable the interview to be completed quickly.
Thirty minutes to one hour should be allowed to complete the loan application.
Once the application is completed, the Loan Officer will discuss policies and procedures for the mortgage process.
Once the interview is complete with all required information, your application package with all necessary disclosure documents is sent to you via U.S. Mail for signature(s).
After review by you, all documents are signed and returned along with copies of the information stated in "Items Needed at Application", including a check to pay for an appraisal.
After the documents have been received and reviewed, the Loan Officer will send the package to your Loan Processor to be completed. The Loan Processor may have to call you for additional information.
Once the loan is structured and a preliminary approval is decided by the Loan Officer, an appraisal is ordered. The appraisal is prepared as if the project is complete, and is based on comparable sales in the immediate vicinity.
Upon receipt of the appraisal, it is reviewed by the Loan Officer, the Loan Processor assembles and prepares the documents for Underwriting review and the entire package is sent to Underwriting for approval.
After all documents are reviewed and all guidelines are met, the underwriter issues a final approval.
Next the loan package is sent back to the Loan Processor so the loan closing process can be initiated at a Title Company or attorney’s office.

Items Needed at Application

The following is a list of items needed at application for rapid and proper processing of the loan. By having these items at application, we save you time by eliminating the need for written employment verification from your employer, verification of credit obligations, and verification of cash on deposit and other bank accounts. This speeds your approval because we are not sending and receiving verifications.

Most recent 12 months’ mortgage history (canceled checks or last 12 months’ rental history).
1 month of most current pay stubs from all current employers.
2 years of most recent completed and signed federal tax returns and W-2’s for all employers.
Name, addresses, dates of employment and salary for last 2 years.
Most recent 3 months’ bank statements (all accounts).
Social security numbers (if receiving pension, please provide award letter and most recent payment receipt).
Fully executed gift letter (if applicable) including copy of certified check or treasurer’s check from a blood relative and a copy of the deposit slip.
Sales agreement on the land and legal description of the property (if applicable) or a copy of your deed.
Complete set of plans, specifications, and a home purchase contract, plus a record of deposits given to manufactured/modular home retailer/builder.
Open loans - addresses, account numbers, balances and monthly payments or most recent statement, if available.
If self-employed, complete set of most recent tax returns for last 2 years (1099’s, K-1, etc.), plus year-to-date profit and loss statement.

LOCKING IN YOUR INTEREST RATE

Locking your interest rate at the appropriate time when the project is nearing completion can be confusing. Talking with your Loan Officer will help you through the process. Points to remember include:

Your permanent rate is normally locked 30-60 days prior to when the permanent loan will take effect. Your Loan Officer can discuss options and your needs, working to satisfy your desires if you desire an earlier lock.
It is crucial to understand both the benefits and process of locking your interest rate. If you have questions at any time, please call us at (888)796-5263, or e-mail: sgooder@land-home.net.

COMPLETING THE PROCESS

Once a final home inspection is completed and a certificate of occupancy is issued, your mortgage loan is ready to close. After all documents for the mortgage are complete a closing will be scheduled with you for signatures. Depending on how your loan is structured and your down payment and/or land equity, some closing costs are paid at this time, and any liens against the land must be paid off.

SERVICING OF OUR PERMANENT MORTGAGE

The Servicing Department at Land/Home Financial Mortgage may service your mortgage loan until such time as the loan is sold to another financial institution. In this case, you will be notified in writing as to where to remit your payments.


	The Mortgage Loan Process THE HOME-BUYING PROCESS HOW TO START FINDING YOUR HOME WHAT TO EXPECT INITIAL STEPS LOCKING IN YOUR INTEREST RATE COMPLETING THE PROCESS SERVICING OF YOUR PERMANENT MORTGAGE THE HOME-BUYING PROCESS Buying your home is an exciting adventure, but it can be frustrating if you don’t know what to expect. Land/Home Financial ensures you know what to expect when you apply for a mortgage. That’s because we keep you informed throughout the process. Land/Home Financial is here to help you get the most home you can afford as simply, easily and conveniently as possible. HOW TO START To begin your home, the first thing you’ll need to do is determine what kind of financing you’ll need for the home you would like to buy. A call to a Land/Home Financial manufactured and modular home loan officer is the best way to find out what kind of financing suits your situation, including the type of construction loan you may need if you are interested. If you have an interest in a construction loan please see the Construction Loans link on this Web site. After talking with a loan officer over the phone, we’ll start the pre-approval or loan application process immediately. FINDING YOUR HOME With your pre-approved commitment from Land/Home Financial, you can shop for a home that meets your needs with confidence because you’ll know how much home you can afford. We can provide a list of retailers or builders in your area if you desire. And you’ll have the opportunity to take advantage of construction loan terms you are comfortable with if you have that need. Once you’ve chosen the home that’s right for you, we’ll complete a loan application for you to sign and request the documentation listed below. WHAT TO EXPECT Once Land/Home Financial has received your signed loan application with the required documents, we’ll send it to our processing department and then for underwriting approval. After all documents have been reviewed and program guidelines met, the underwriter issues an approval. Now let’s look at the Initial Steps. INITIAL STEPS The Application Process Items Needed At Application The Application Process A telephone interview takes place between you and your Land/Home Financial Loan Officer. All items checked under the Items Needed at Application (below) should be available to enable the interview to be completed quickly. Thirty minutes to one hour should be allowed to complete the loan application. Once the application is completed, the Loan Officer will discuss policies and procedures for the mortgage process. Once the interview is complete with all required information, your application package with all necessary disclosure documents is sent to you via U.S. Mail for signature(s). After review by you, all documents are signed and returned along with copies of the information stated in "Items Needed at Application", including a check to pay for an appraisal. After the documents have been received and reviewed, the Loan Officer will send the package to your Loan Processor to be completed. The Loan Processor may have to call you for additional information. Once the loan is structured and a preliminary approval is decided by the Loan Officer, an appraisal is ordered. The appraisal is prepared as if the project is complete, and is based on comparable sales in the immediate vicinity. Upon receipt of the appraisal, it is reviewed by the Loan Officer, the Loan Processor assembles and prepares the documents for Underwriting review and the entire package is sent to Underwriting for approval. After all documents are reviewed and all guidelines are met, the underwriter issues a final approval. Next the loan package is sent back to the Loan Processor so the loan closing process can be initiated at a Title Company or attorney’s office. Items Needed at Application The following is a list of items needed at application for rapid and proper processing of the loan. By having these items at application, we save you time by eliminating the need for written employment verification from your employer, verification of credit obligations, and verification of cash on deposit and other bank accounts. This speeds your approval because we are not sending and receiving verifications. Most recent 12 months’ mortgage history (canceled checks or last 12 months’ rental history). 1 month of most current pay stubs from all current employers. 2 years of most recent completed and signed federal tax returns and W-2’s for all employers. Name, addresses, dates of employment and salary for last 2 years. Most recent 3 months’ bank statements (all accounts). Social security numbers (if receiving pension, please provide award letter and most recent payment receipt). Fully executed gift letter (if applicable) including copy of certified check or treasurer’s check from a blood relative and a copy of the deposit slip. Sales agreement on the land and legal description of the property (if applicable) or a copy of your deed. Complete set of plans, specifications, and a home purchase contract, plus a record of deposits given to manufactured/modular home retailer/builder. Open loans - addresses, account numbers, balances and monthly payments or most recent statement, if available. If self-employed, complete set of most recent tax returns for last 2 years (1099’s, K-1, etc.), plus year-to-date profit and loss statement. LOCKING IN YOUR INTEREST RATE Locking your interest rate at the appropriate time when the project is nearing completion can be confusing. Talking with your Loan Officer will help you through the process. Points to remember include: Your permanent rate is normally locked 30-60 days prior to when the permanent loan will take effect. Your Loan Officer can discuss options and your needs, working to satisfy your desires if you desire an earlier lock. It is crucial to understand both the benefits and process of locking your interest rate. If you have questions at any time, please call us at (888)796-5263, or e-mail: sgooder@land-home.net. COMPLETING THE PROCESS Once a final home inspection is completed and a certificate of occupancy is issued, your mortgage loan is ready to close. After all documents for the mortgage are complete a closing will be scheduled with you for signatures. Depending on how your loan is structured and your down payment and/or land equity, some closing costs are paid at this time, and any liens against the land must be paid off. SERVICING OF OUR PERMANENT MORTGAGE The Servicing Department at Land/Home Financial Mortgage may service your mortgage loan until such time as the loan is sold to another financial institution. In this case, you will be notified in writing as to where to remit your payments. Back to top