The money you need to cover life's expenses is right in your home

Provide all documentation that is requested. Any missing documentation is likely to cause a delay in your loan approval process. To obtain loan approval, you will typically need to produce:

• Pay stubs covering most recent thirty days
• W-2 statements covering the past two years
• Bank statements covering the most recent two months (with all pages)
• 401K, IRA, or Mutual Fund accounts showing most recent transaction summary
• Stocks or certificates of deposit (copies)
• Purchase and sales agreement (copy)
• 12 months cancelled rent checks or the name and address of your current landlord (if applicable)
• Fully executed divorce decree (if applicable)
• Deed, hazard insurance policy, and most recent tax bill if you are refinancing (copies)
• A letter explaining any known credit problems or fluctuations in income

If you are self-employed, paid by commission, or own real estate used for rental purposes you will need to produce:

• Two years signed personal federal income tax returns including all schedules
• If self-employed through a corporation, the last two years’ corporate returns as well as a year-to-date profit and loss statement and balance sheet
• If additional information or documentation is requested, please provide it immediately.

Take the Hassle Out of Home Buying

Smart homebuyers know how much home they qualify for before they start looking. Come to Lone Star Credit Union to get pre-qualified; that way you will feel confident that you have been approved for your loan and know ahead of time what price range of homes to consider. Also, negotiating a purchase contract without the stipulation of loan approval can often give you an edge with the seller.

Before you begin looking for your dream home, let Lone Star Credit Union pre-qualify you and issue you a firm mortgage commitment (subject to satisfactory appraisal and contract sale on the home).

Be sure to tell your real estate agent that you have already been approved for a loan at Lone Star Credit Union and want to close with us. Not only will it take less time to close since much of the work has already been done, but our closing costs are much less than you can find elsewhere, not to mention our phenomenal rates. We do not add unnecessary “junk fees” to our costs as many other lenders do. To begin the application process, visit our TruHome Mortgage website.

Determining What You Can Afford

With the many alternatives in today’s housing market, it is best to identify the price range appropriate to your financial situation. For help determining how much you can afford, contact TruHome Mortgage Services at 913.981.1700.

Approval

Qualification for a mortgage loan is based on the ability to make monthly payments (assuming the minimum down payment requirement and closing costs are covered). Consideration is also given to your credit history, household income and the appraised market value of the home you are purchasing, or the refinancing of your existing mortgage.

The time period following the submission of an application can be an anxious one. It may help you to know the many details that require attention and take what can seem like a long time.

After we receive a completed application package, we will have the property appraised, verify your employment, verify your deposits and order your title commitment. Upon receipt of these items, your loan officer will review your loan. If everything is in order, we can then prepare the loan for commitment.

Once you accept the commitment and all the conditions have been met, a closing can be scheduled. Prior to the closing, a survey and inspections of the property may be required. The loan process usually takes 60 days from start to finish for a mortgage and 45 days for a home equity loan.

* Please check with your tax advisor for more information.

Our minimum home equity loan is $25,000. If there is not sufficient equity in your home to borrow, please contact us for other lending options. Typical closing costs will be required.