LOAN PROCESS : : : We understand that the loan process can seem overwhelming. At CFG, our goal is not only to find you the best financial solutions possible, but to help you understand the process along the way. Our agents are ready to answer any questions you may have. For quick reference, our loan glossary, will explain the many terms involved in your loan. Requirements for a loan are: If you are buying or refinancing a home Heres what you will need If you are salaried: two years W-2 and one month of pay stubs. self-employed: two years tax returns and a YTD profit and loss statement. If you own rental property, please provide rental agreements and two years tax returns. Three months bank statements for each bank, stock and mutual fund account. Recent copies of any stock brokerage or IRA/401K accounts. If you are requesting a cash-out refinance please provide a letter explaining what you plan to do with the proceeds. Provide a copy of divorce decree if applicable. If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa. If you don't have all of these things, don't worry. If you are applying for a home equity loan If you are salaried: provide two years W-2 and one month of pay stubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement. If you own rental property, please provide rental agreements and two years tax returns. Please provide a copy of the note on your first mortgage. This will normally be found in your closing loan documents. Please provide a signed letter explaining what you plan to do with the proceeds. Provide a copy of divorce decree if applicable. If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa. Know how much you can borrow - get pre-approved with us! Pre-approval includes verification of your credit, income, assets and liabilities. Loan Approval Process Once your loan application has been received, CFG will start the loan approval process immediately. This involves verifying your: Credit history Employment history Assets including your bank accounts, stocks, mutual fund and retirement accounts Property value Getting pre-approved before you look for a home helps you Find out how much house you can buy. Maintain a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved. Close quickly, since your loan is already approved. Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval: Fill out the loan application completely. Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date. Do not make any major purchases. A purchase that increases your debts, like a new car or furniture, may have an adverse affect on your current application. Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us. Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf. After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public. Be prepared to: Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted. Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate. Sign the loan documents. Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close. Get started now! Call 1-877-CFG-REFI (1-877-234-7334) or fill out our online application.