Applications & Processing

Mortgage Brokers and Lenders – Who Does What?

A mortgage broker can serve as your main point of contact throughout the mortgage process and may work with multiple lenders to help you compare available loan options. A lender is the financial institution or company that provides the funds for your mortgage. The relationship between brokers and lenders can vary, including how compensation is structured, so be sure to ask your mortgage professional how they are paid and what costs are involved.

Filling Out the Application

There are standard forms and applications to complete when applying for a mortgage. Many lenders and mortgage brokers now offer online applications that allow you to submit information electronically. The information you provide will be reviewed and verified as part of the qualification and underwriting process, so take the time to answer each question accurately and completely.

Documentation

Your lender will need copies of many of the financial documents you gathered during the early stages of the loan process, which may include:

• Two years of W-2 forms from your employer or applicable tax returns if you are self-employed
• Recent pay stubs or other documentation of current income
• Recent bank and money market account statements
• Brokerage, mutual fund, and retirement account statements
• Documentation of other income sources, such as rental income, trusts, or other qualifying income
• Credit card statements and other revolving debt information
• Auto, boat, student, personal, or other loan statements
• Driver’s license or other acceptable form of identification
• Documentation of immigration or residency status, when applicable
• Copies of existing mortgage statements if you are refinancing, applying for another mortgage, or using existing property as part of your financial profile

Stay in Communication

Your lender will have an underwriting team review your financial information and verify your documentation to determine whether you meet the requirements for the loan. Once you are under contract on a Colorado property, additional review may be required to evaluate the property and finalize your loan approval. Questions and requests for additional documentation are common during underwriting, so be sure to respond to your lender or mortgage broker promptly. Stay in regular communication throughout the process and keep Golesh Team informed so we can help you remain prepared for each step toward closing.