Turning Your Dreams into Reality
At Skobel Development we help home buyers turn their dreams of owning a home into a reality. We work with preferred lenders that will help you get the most competitive interest rates and prepare an easy to understand mortgage program that will fit your financial needs. We understand that everyone's financing needs are unique, therefore we want to work with you and the lender to ensure that the process runs smoothly and that you get the right amount of financial assistance in time for your closing.
Loan Application
The loan application is a critical step in the mortgage process. It is when the lender's representative will ask you for information pertaining to your income, assets, and liabilities. Once this information has been collected, you may work with the lender and a Skobel Development representative to secure a loan program that suits your financial needs. Before beginning your loan application you should determine the amount of your down payment.
Please provide the following documents when completing your loan application:
- Recent pay stubs within the last 30 days for each future homeowner.
- The W-2 and 1099 forms from the previous two years for each future homeowner.
- Consecutive bank, investment, and retirement statements for all of your accounts from the previous two months.
- If you are self employed, you will need to bring tax returns, income statements, 1040, W-2, 1099, and K-1 forms from the previous two years for each future homeowner as required.
Credit Report
You will need to obtain a credit report that will show your credit limits, payment history, monthly payments, and current balances.
Property Appraisal
The lender will have a licensed real estate property appraiser perform an appraisal of the property being purchased. The appraisal is used to determine the value of the property being purchased and thus the amount of the loan.
Loan Decision & Interest Rates
The lender's underwriter will review your loan with four factors in mind; income, assets, credit history, and the property value. Once the lenders have collected all of the necessary information, they decide the amount for the mortgage loan and define an interest rate. It is important to understand this interest rate as well as your future required monthly payments. You should be aware that approximately two weeks before your closing date your interest rate may be locked in, which is especially important to note in volatile markets.
Home Closing
After the completion of the above processes, we will set a firm closing date and time for your new home. Prior to closing we will take you on a pre-closing walk through to ensure that you are absolutely delighted with your new home. Also, your lender will require that you purchase home owner's insurance, and Skobel Development will provide you with a settlement statement confirming the amount of money to be brought to closing in the form of a certified check. At closing, all documents will be signed and you will be ready to enjoy your brand new home. Congratulations!
