Step 1: Documentation - Legacy Lending

Assess Financial Situation

Welcome to the first step

in the mortgage process!

Welcome to the first step in the mortgage process!

The first step in the mortgage process is the documentation stage, where we review your income, assets, employment history, and other compensating factors to determine your ability to repay a mortgage loan.

This is also an opportunity for you to examine the overall financial impact that a new mortgage will have on your total monthly budget, so that you can choose a loan amount and mortgage program that you are most comfortable with.

Our goal is to obtain a speedy approval. The more thorough you are in preparing your paperwork, the faster we can move together on getting your loan approved and funded.

Mortgage Loan Process

Step 1: Documentation

Step 2: Appraisal

Step 3: Underwriting

Step 4: Conditional Approval

Step 5: Clear To Close

Step 6: Closing

Please feel free to contact us at any time if you have any questions about your loan status or next steps in the process.

Approval Pitfalls

We believe communication is the key to a smooth mortgage process and we will will hold your hand from the start all the way to closing.

While there are a number of factors outside of your control that can delay or prevent a home loan from closing, the following list will help you stay on the right path.

D0:

Keep your records in good order
Keep your financial records close at hand
Be aware that we need to verify income documents
Save bank statements
Save paystubs

D0n’t:

Apply for new credit
Change jobs during the process
Make undocumented bank deposits
Payoff debt, charge offs of collections without notification
Hesitate to reach out and ask questions

While you are in the process of getting a new mortgage, keep your financial status as stable as possible until the loan is funded and recorded. Any number of minor changes could easily raise a red flag or cause a negative impact on a credit score, and we want to do everything we can to avoid a denied loan.

A few documents we’ll likely need to review include:

Income / Assets:

W2’s – from the last two years
1040 federal tax returns – from the last two years
Two recent pay stubs
Two recent bank statements – all pages
Self-Employed: K1 / 1099 / Profit and Loss YTD

Housing:

Current and previous addresses for the previous 2 years
Leasing: name and phone number of landlord(s)
Investor: copy of lease agreements on rental properties

Other:

Copy of your driver’s license or state-issued ID for all borrowers

There may also be required documents we may need to review depending on your specific scenario.

Ready to learn more?

Go back to see the overall mortgage process.

Mortgage Process

Learn about the next step in the mortgage process.

Appraisal Stage

Stay up to date with what’s going on in the market.

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(970) 593-2976

info@thelegacylendingteam.com

1101 W 5th St. Loveland, CO 80537

LICENSED IN 43 STATES

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