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At Preferred Mortgage, Inc., we represent excellence as we work to find the loan you want so that you can achieve your goals and live your dreams.

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1. What are the steps in the loan acquisition process? Answer
2. What is included in the Mortgage Checklist that will be needed to expedite the processing of my loan application? Answer
3. Are there additional items to bring if I am applying for an FHA Loan? Answer
4. Are there additional items if I am applying for a VA Loan? Answer
5. What if I am self-employed or have commission or bonus income? Answer
6. What do I bring if I have been divorced or am separated? Answer
7. What if I have declared bankruptcy in the last 7 years? Answer

Q : What are the steps in the loan acquisition process?
A : 1. Contact a Preferred Mortgage, Inc., loan officer to discuss your individual financial needs either online at lstork@4preferred.com or by calling (618) 463-5700.

2. Your loan officer will contact you to assess your situation and determine your financial goals. Expect to discuss the following information: the estimated value of your home, your credit history, and your home's equity.

3. Based on the information collected as well as your credit report, your loan officer will quote you an interest rate and APR and the loan amount for which you are likely to qualify.

4. Your loan officer will request financial documents. (See the Mortgage Checklist for a list of documents that may be requested)

5. With your application now complete, your loan officer will notify you when your loan is approved. At this time, an appointment will be made for signing the loan papers.

 
Q : What is included in the Mortgage Checklist that will be needed to expedite the processing of my loan application?
A : 1. A copy of your Purchase Contract, signed by all buyers and sellers (for purchase transactions).

2. A copy of the most recent month's pay stubs for all applicants (e.g., if you are paid twice per month, you would need to bring two pay stubs -- continue to save your pay stubs until you close your loan).

3. A copy of your W-2 forms for the last two years, covering all jobs for each applicant.

4. A copy of your bank statements for the past three months, including all pages, for all checking and savings accounts (continue to save your bank statements until you close your loan).

5. The name, address, and telephone number of your landlord or mortgage company for the last 24 months of residency.

6. Copies of 401K and IRA current statements for the past three months, if applicable (e.g., for mutual fund accounts).

7. The last twelve months' cancelled mortgage payment or rent checks (if readily available).

8. A check or money order for payment of the application deposit (funds necessary to order an appraisal and credit report): Conventional mortgage -- $325; FHA -- $375, payable to Preferred Mortgage, Inc.

 
Q : Are there additional items to bring if I am applying for an FHA Loan?
A : In addition to the above items, please include a photocopy of your current driver's license and a photocopy of your social security card, if that number is not on your driver's license.
 
Q : Are there additional items if I am applying for a VA Loan?
A : Yes. In addition to all items on the Mortgage Checklist, please include the original VA Certificate of Eligibility, Form DD-214 or, for in-service veterans, a Statement of Service and your most recent Leave and Earnings Statement (in-service veterans only).
 
Q : What if I am self-employed or have commission or bonus income?
A : It's simple. You also include your last two years' personal and business federal signed income tax returns and a year-to-date Profit and Loss Statement and Balance Sheet, signed and dated (for self-employed).
 
Q : What do I bring if I have been divorced or am separated?
A : In this case, you provide a complete signed copy of all divorce decrees or separation agreements, including any stipulations or modifications, and a proof of receipt of child support payments for the last 12 months (only if you intend to use this income to qualify for your mortgage loan).
 
Q : What if I have declared bankruptcy in the last 7 years?
A : Simply provide a Petition/Decree, Schedule of Creditor and copy of Discharge and write a detailed letter of explanation about why you filed for bankruptcy.