I individuals and families reach the American Dream of homeownership every day. Owning a home is an exciting investment and comes with many benefits including…

Building Equity

Your monthly mortgage payments will include both principal and interest, with the principal portion going toward your personal equity in the home. If or when you decide to sell your home, the equity you have in your home can turn into profit if the value of your home is more than your remaining loan balance.

Tax Benefits

Many times your mortgage interest, property taxes and sometimes even closing costs can be tax deductible,* potentially allowing you to pay less income tax as a homeowner.

*This does not constitute tax advice. Please consult a tax advisor regarding your specific situation

Predictable Monthly Housing Costs

As a homeowner, you’ll have access to our wide range of mortgage options that will help you predict your monthly mortgage payments versus being subject to annual rent increases you can’t necessarily always plan.

Our team strives to make the home loan process as simple as possible by guiding you through every step–from application to closing and beyond. We will also provide you with regular updates to keep you informed on the status of your loan throughout the entire process.

Step 1: Initial Consultation

We recommend reaching out to your Fairway mortgage professional via email, phone or in person to discuss your homeownership goals. This initial consultation covers how long you plan on living in the home, the amount of down payment you will need, and how much you want your monthly payments to be.

Step 2: Pre-Qualification

A pre-qualification determines how much money you will be eligible to borrow before you actually apply for a loan. It is very important to understand that a pre-qualification does not guarantee a loan. During this step, we gather your financial information and make a conditional determination about your qualifications. You can review our Document Checklist for the basic information required.

*A pre-qualification is not an approval of credit and does not signify that underwriting requirements have been met.

Step 3: Processing

After you have completed a loan application, your mortgage professional collects all required documents and submits your loan file to the loan processor. The processor reviews your file and orders your property appraisal. Depending on your situation, the processor may need additional documentation during this step. Once your loan file is completed, the processor submits it to underwriting for approval.

Step 4: Underwriting

The underwriter reviews your loan file to ensure all guidelines are met for the specific loan program and issues a loan decision. Once your mortgage has been approved and all conditions have been cleared, your loan is moved to “Clear to Close” status.

Step 5: Pre-Closing

You will receive a loan commitment letter which contains the details of your loan including rate, amount and term along with any outstanding conditions that need to be addressed before the file is sent to closing. Once everything is cleared by the underwriter, our closing department will complete your final documents.

Step 6: Closing

During closing, you will sign a variety of final documents. Be sure to bring a photo ID along with the proper form of payment to cover your down payment, closing costs, prepaid interest, taxes, insurance or any additional costs. After the closing documents are completed and all funds have been disbursed, you will receive the keys to your new home!

In order to start your mortgage application, you will need to gather the following standard documentation. Some of the additional required information will vary based on your personal situation.

1. Standard Documentation for All Borrowers

2. W-2 forms (previous 2 years)

3. Paycheck stubs (last 30 days - most current)

4. Employer name and address (2 year history including any gaps)

5. Bank accounts statement (recent 2 months – all pages plus all non-payroll deposits must be documented so make a copy of the check before depositing)

6. Statements for 401(k)s, stocks and other investments (most recent)

7. Signed federal tax returns (previous 2 years)

8. Residency history (2 year history with name, phone number, address and account number of landlord or mortgage company)

9. Photo identification for applicant and co-applicant (valid Driver’s License or Passport)

10. Check or credit card information for credit report and appraisal fee

11. New home Sales Agreement, specifications, plans and/or legal description

Additional Required Documentation (if applicable)

• Divorced Borrowers:

  • Divorce Decree

• Self-Employed Borrowers :

  • Copies of most recent 2 years corporate tax returns (with all schedules)

  • YTD profit and loss statement and balance sheet

  • Copy of business license or CPA contact information

  • 1099s or K1 forms

• Refinancing

  • Copy of Note, Deed of Trust or Mortgage

  • HUD-1 Settlement Statement/Closing Disclosure

  • Survey

  • Homeowner’s insurance information

• Borrowers selling current home

  • Contract for home being sold

• Eligible Active Military or Veterans

  • Veteran DD214 or Veteran Reservists DD256

  • Certificate of Eligibility

• Previous Bankruptcy

  • Petition and Discharge

  • Supporting schedules A through K

• Relocation Agreement

  • If relocation move is financed by employer, such as a buyout agreement plus documentation outlining company paid closing costs benefits

*Additional items may be requested during the loan underwriting phase if more information is required to guarantee your loan.

A mortgage is a loan associated with real estate, where the property being purchased acts as the collateral for the loan. This means that the property is the security for the loan, so that if the borrower fails to make the payments, the lender can acquire and sell the property to regain the money lent. This use of the property as collateral is a big part of what keeps mortgage rates lower than that of a credit card, for example.

Mortgage Payment

Principal (P) – The portion of your payment that goes toward the principal balance (the remaining amount due) of the loan

Interest (I) – The portion of your payment that pays the lender

Taxes (T) – The portion of your payment that pays your property taxes each year

Insurance (I) – The portion of your payment that pays your homeowners insurance policy each year

Mortgage Insurance (MI) – The portion of your payment that goes to the mortgage insurance company; mortgage insurance is not paid on all mortgages