How to Prepare | The Home Loan Process

When working with B2 Funding, you will enjoy a one on one relationship with a trusted adviser throughout the entire home loan process. 

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Step 1: 

Pre-Approval

Pre-Approval gives eligible customers the likely assurance of a loan even before choosing the home. This is done by verifying the ability to repay a mortgage loan and provide the cash needed to close – by reviewing and documenting supporting documents for income, assets and credit history. Guardian makes a pre-approval decision based on the application, credit report and financial verification document provided by the customer. Once pre-approved, borrower(s) have the peace of mind to house-hunt within a comfortable price range. Sellers can deal with pre-approved borrowers with confidence in their ability to pay – the next best thing to an all cash buyer.

Purchasing? Start Here!
> Initial meeting with loan officer
> Loan application completed
> Borrower provides income verification items
> Credit report is pulled and reviewed
> Initial disclosures sent to borrower

Refinancing? Start Here!
> Loan application completed
> Borrower provides income verification items and supporting documents
> Credit report is pulled and reviewed
> Initial disclosures sent to borrower

​To pre-qualify for a home loan / refinance application, gather the following documents:
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• Last 2 months of all bank statements
• Last 2 years of tax returns documents
• Last 2 paycheck stubs
• Last 2 years of IRS W-2 Forms
• Your home sales contract (applies to new home purchase mortgages)

Submit these documents for review to your preferred Loan Officer. 

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Step 2:

Loan Options

Discuss your buying power and various loan program options. When evaluating options, be sure to consider the following:
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• Your financial situation today and certainty of your financial future
• How long you plan to own the home or keep the mortgage
• The amount of funds you have for a down payment and closing costs.
• The type of property you want, its use, and its value
• Whether or not this is your primary residence, a second home, or investment property
• The amount of monthly income remaining after paying all of your bills

​After you have thoroughly reviewed your loan program options, an appraisal will be ordered on your home. 

Loan Option Essentials

Evaluate

Discuss ALL your options and understand them.

Choose

Pick the best loan option for your needs.

Lock Your Rate In

Whether you are purchasing a home or refinancing - lock in your rate.

Confirm

Double and Triple Check your Rate Lock Confirmation

Step 3:

Additional Documentation

Once your loan officer has gathered and reviewed all necessary documentation, he will forward it to a Loan Processor for review. After the Loan Processor ensures the loan file is in good order and contains all necessary documentation, he will send it to Underwriting. The Underwriters will review your loan file and documentation to make sure it meets all guidelines of the intended loan program & loan investor - this may require additional documentation and proof of ability to repay your loan (examples: proof of income, employment status, outstanding debt obligations, etc.). Gather such materials ahead of time and be able to provide them on request to help make the process efficient! Once conditions put in place on the loan by the Underwriter are met, he will give a “clear to close”. 

Step 4:

CLEAR TO CLOSE

A loan closing specialist will prepare the necessary documents to send to an attorney to arrange for your closing. On the date of your closing, you will sign all loan package documents at the designated attorney’s office. Once signed, the attorney will record the new deed and loan documents at the county’s register of deeds office. As soon as the loan is recorded, those securing new mortgages become official owners of their homes!