Superneau Custom Homes works closely with a number of excellent lenders.
Here are some answer to questions you may have when applying for Your Loan
To help us find the right price point for your new home package you will be asked to provide a pre-approval letter from a local lending institution. You must also apply for your loan in a timely manner. To help make this process work as smooth as possible please see our preferred lenders. Please submit the name of your lending institution and mortgage originator to your Sales Associate as soon as possible.
Loan Application Process & Paperwork
Once you have given all preliminary information to your loan officer, your lender sends verification forms to your employers, bank and current mortgage company or landlord and also orders the credit report and appraisal. You sign a release to authorize these steps. Your lender will provide you with a Good Faith Estimate and a Truth-In-Lending Disclosure.
Good Faith Estimate
The Good Faith Estimate lists the estimated costs you will incur at closing. Some of the numbers listed on this form are prorated, subject to change based on the actual date of closing. Others are set fees that should remain the same.
The Truth-In-Lending Disclosure shows the total cost to you, throughout the term of the loan, for your specific financing. The calculation is based on the assumption that you own the home and make regular payments throughout the term of the loan.
Verification of Employment
The lender sends Verification of Employment (VOE) forms to all employers for the past two years. The employers complete, sign and return the forms to the lender. These forms list the dates of employment, the amount of money you earned last year, and how much you have earned so far this year. The VOE documents bonuses and overtime you earned.
Verification of Deposit
Verification of Deposit (VOD) forms are sent to each banking institution listed on your application. The institutions indicate the date you opened each account, average balances for the past three months, and the amount of money you have in each account on the day the form is completed. Any loans or overdraft accounts you have with the bank will also be listed.
Verification of Mortgage
Mortgage companies and landlords complete Verification of Mortgage (VOM) forms. These show the lender how much you owe, the amount of your monthly payment, and whether you make your payments by the due date.
Your credit report shows the amount of money you owe to each of your creditors, minimum monthly payments and your payment history.
The appraisal confirms the value of the home you are purchasing for you and your lender.
Typically, several weeks pass as these reports and forms are returned to the lender. If any delays are encountered, the loan officer may contact you for assistance. The credit reporting agency may call you to verify that the information they have gathered is correct. Once the loan processor has collected this standard documentation, you may be asked to write letters describing your assets, income or credit. Few loans are finalized without requests for additional information just before the package is submitted to the underwriter for final approval.
Please remember that your lender requests this information to obtain your financing. Do not hesitate to discuss any concerns you may have with your loan officer. Perhaps he or she can provide some additional insight as to why they these requests are being made.
Union Bank is a true community bank serving the people and businesses of northern Vermont and northern New Hampshire. Our commitment to local success and growth combined with our financial expertise, quality products and personal service creates an unbeatable banking experience.
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