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20 YEARS of doing it RIGHT

OUR PROCESS

Understanding what happens next

At New Option Mortgage Inc. we anticipate and solve issues before they arise. We underwrite each loan prior to submission to ensure a smooth closing experience.  

For Refinance

Step 1  - Pre-Qualify

Prequalification occurs before the formal application is signed and submitted. We give you an estimate of the amount you can afford, and the amount of money you will be able to borrow based on your FICO score, information you give about your income, debts, and assets. 

 

  1. Fill out an application and Borrowers Authorization form

  2. Credit check

Step 2 - Application Process

Step 4 - Submission

1) Photo ID & Social Security card 

2) Pay stub (s) for the last 30 days. 

3) Bank Statements - Checking, Savings Credit Unions, 401 K

     (last 2 months - ALL PAGES) 

4) W-2's for the last two years. (2013-2014)

5) 1040 Income returns for the last two reporting years (2013-2014)         – ALL SCHEDULES or 1120 (if applicable)

6) If you have another property under your name 

     (i.e. rental, investments, vacation homes) 

Step 3 - Documents

Your application, along with all the supporting information you’ve provided, is turned over to the lender’s loan processing department and then to the underwriter.

Step 5 - Awaiting Approval

After verification, the underwriter receives your application. Underwriting is where the final decision to approve or decline your loan is made. Underwriters work with guidelines provided by the investor that is backing or in some cases funding the loan.

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