HOW
IT
WORKS:
THE
LOAN
PROCESS
Organize
your documents
Apply
for
a
loan
Obtain
loan
approval
Review
loan
options
and
rates
Closing
the
loan
Organize
Your
Documents
If
you
are
buying
or
refinancing
a home
please
provide
the
following:
1. If
you
are
salaried:
provide
two
years
W-2
and
most
recent
pay
stubs.
If
you
are
self-employed:
provide
two
years
tax
returns
and
a
YTD
profit
and
loss
statement.
2. If
you
own
rental
property,
have
rental
agreements
ready
and
two
years
tax
returns.
3. If
you wish
to speed
up the
approval process,
have recent
bank statements
for each
bank, stock
and mutual
fund account.
4. Provide
recent copies
of any
stock brokerage
or IRA/401K
accounts that
you may
have.
5. Provide
a copy
of divorce
decree if
applicable. back
to top
Apply
for
a
Loan
Applying
for
a home
loan
with
CityTrust
Lending
is
simple!
1. Get
started
online
or
call
us
at
816.741.7171.
2. Complete
a loan
application with
a loan
consultant in
minutes. back
to top
Obtain
Loan
Approval
Once
your
loan
application
has
been
received,
CityTrust
Lending
starts
the
loan
approval
process
immediately.
This
involves
verifying
your:
1. Credit
history
2. Employment
history
3. Assets
if
applicable
4. Property
value back
to
top
Review
Loan
Options
and
Rates
Review
loan
options
with
a CityTrust
loan
consultant.
1. Think
about how
long you
plan to
keep the
loan. If
you plan
to sell
the house
in a
few years
you may
want to
consider
an adjustable
rate loan.
On the
other hand,
if you
plan to
keep the
house for
a longer
time, you
may want
to look
at
fixed
loans.
2. Understand
the relationship
between rates
and points.
Points are
considered to
be prepaid
interest and
are tax
deductible. Each
point is
equal to
one percent
of
the loan.
For example
1 point
on a
$120,000 loan
is $1,200.
Usually the
more points
you pay,
the lower
the rate
you can
get.
3. Compare
different
programs.
Shopping
for
a
loan
can
be
difficult.
With
so
many
programs
to
choose
from
it
can
hard
to
figure
out
which
program
is best
for
you.
That's
where
an
experienced
loan
consultant
from
CityTrust
can
help
you
make
a
decision
that's
best
for
you. back
to
top
Closing
the
Loan
After
your
loan
has
a final
approval,
you
will
be
required
to
sign
the
final
loan
documents.
This
will
normally
take
place
at
a Title
Company
or
in
front
of
a notary
public.
Be
prepared
to:
1. Bring
a
cashiers
check
for
your
down
payment
and
or
closing
costs
if
required.
Personal
checks
are
normally
not
accepted.
2. Review
the
final
loan
documents.
Make
sure
the
interest
rate
and
loan
terms
are
what
you
were
promised.
Also,
verify
that
the
name
and
address
on the
loan
documents
are
accurate.
3. Sign
the
loan
documents.
Your
loan
will
normally
close
and
fund
within
a day
after
you
have
signed
the
loan
documents.
On
refinance
and
home
equity
loan,
federal
law
requires
that
you
have
3 days
before
your
loan
transaction
can
close.
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to
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