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Mortgage Process

Ready to jump in and apply for a mortgage loan? Here’s what you need to do to get started.

 

  1. Review your credit. Take a look at your current credit situation and start taking steps to put your credit in the best condition possible. You can do this yourself by contacting a credit reporting agency to get a copy of your credit report. (Brotherhood Bank can help with this.)
     
  2. Review your budget. Sit down with your monthly budget and determine how much of a mortgage payment you can realistically afford. Visit the mortgage section of our website and use the “What Can I Afford?” calculator to help or stop by and a Brotherhood Bank lender will be happy to review the numbers with you.

 

  1. Get pre-qualified. Once you’ve reviewed your credit and determined your budget, you can pre-qualify for a loan. Visit the mortgage section of our website to fill out a loan application or call to speak to one of our Brotherhood Bank home mortgage experts.

 

In addition to your loan application, you will need:

  • Name and Social Security numbers for all applicants
  • Complete addresses for the last two years (if you have been renting, include the names and addresses of your landlords)
  • Sources of income and the names and addresses of your employers for the last two years
  • W-2 forms or other proof of income for the last two years
  • Two most recent paystubs reflecting 30-day and year-to-date earnings
  • A list of all your deposit and investment accounts (checking, savings, stocks, bonds, etc.), including names, addresses, account numbers, and current balances
  • Most recent bank statements (savings, checking, investment accounts, etc.)
  • Approximate payment and balance information for installment loans and revolving debt (credit card, accounts, student loans, mortgage loans, auto loans, etc.)
  • If you are self-employed, please include copies of your last two years’ income tax returns with all schedules. Also bring a profit-and-loss statement for the current year.
  • If you own other properties, include a list of all properties and current market value; any amounts owed on the properties, along with lenders’ names, addresses, account numbers, monthly payments and current balances; copies of your income tax returns for the last two years, along with all schedules; and, if the properties are rented, copies of the leases.
  • If you have filed bankruptcy within the last seven years, bring a copy of your petition and discharge, a written explanation of why you filed, and evidence of excellent credit since that time.

 

 

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