Five Simple Steps
PERL keeps mortgages simple, so you can focus on life’s more important issues.
Step One: Pre-Qualification
When you meet with a loan officer, you’ll discuss your financial history, current credit score, potential purchase price, down payment, and will gain an understanding of your monthly payment requirements.
You’ll receive a pre-qualification letter outlining your initial request to obtain a mortgage.
Step Two: Application
After you sign a sales contract for your new home, you’ll complete a loan application (over the phone, in person, or via email). PERL will order an appraisal for your new home, and may collect copies of the following documentation:
- Complete tax returns (most recent 2 years)
- W-2 forms (most recent 2)
- Pay stubs (most recent 2)
- Copy of purchase contract for new home (or mortgage statements for refinance)
- Bank and asset statements (most recent 3 months)
- Copy of your driver’s license
- Application fee
- Bankruptcy statement & divorce decree (if applicable)
You’ll choose your loan program and lock your interest rate. Interest rates can be locked for up to 90 days – and, in some cases, even 2 years!
Step Three: Underwriting
After applying for your loan, a PERL in-house processor will ensure that your materials are in order. A PERL in-house underwriter will evaluate your loan to determine any risk involved for the lender, your creditworthiness, and the quality of the property itself.
Step Four: Final Conditions
Your loan officer will contact you for any additional documentation required by the lender, your closing time, and closing costs.
Step Five: Closing
The seller of your new home will select a Title Company for your closing location. Be on time to your closing. Bring your driver’s license, and a cashier’s check made out to yourself for the down payment & closing costs.
Closings usually take 45-90 minutes.
You may wish to hire a real estate attorney to represent you at your closing.
Afterwards, your loan officer will be in touch to check-in on your new home loan!
Contact your PERL Loan Officer today, and discover the simplicity of the mortgage process.
PERL Mortgage is an Illinois residential mortgage licensee (MB0004358) and equal housing lender