Starting the Loan Process
We will walk you through the loan process and help you understand how it works.

1. Gather all of your personal information
Lenders need to know your financial status and your employment history and a lot of other personal information.

You will need the following information on you and your spouse:

• Employment/Income
  • Name and address of employer(s) for the past two years
  • Pay stubs for the past 30 days and W-2 forms for the past two years
  • A written explanation of any employment gaps
  • If you're self-employed you'll need:
    • Complete, signed Federal Income Tax Returns for the past two years (personal and corporate)
    • Year-to-date Profit and Loss Statement and Balance Sheet
  • Other Income
  • If you receive Social Security, a pension, disability or VA benefits you'll need:
    • A copy of your awards letter (or tax returns for the past two years)
  • A copy of your most recent check
• Child Support
  • If you pay child support you'll need:
    • A copy of the divorce or separation agreement
    • Evidence of payment for the last 6-12 months (canceled checks of pay history from the courts)
• Rental Income
  • If you receive rental income you'll need:
    • A copy of the lease
• Debt Disclosure - Credit Cards, Loans and/or Current Mortgages
  • Name and address of each creditor along with account number, monthly payment and outstanding balance for each (Most of this information can be obtained by Frontier Mortgage from your credit report)
  • Documentation of alimony or child support you are required to pay
  • Written explanation of any past credit problems
• Loan Application for Home Purchase
  • A complete, signed copy of sales contract along with mailing address and property description (if it's not in the contract)
    
    

These items will be needed prior to closing of your loan

• A copy of your canceled earnest money check Loan Application for Refinance
• A copy of the deed
• A copy of your hazard insurance policy
• A copy of the property survey
• Proof that your home has passed a termite inspection
• Evidence of Funds for Down payment
  • If the down payment is a gift you'll need a signed gift letter, the giver's bank statement showing sufficient funds, a copy of the check and a deposit slip
• If you have any recent large deposits or new accounts you'll need to show documentation
• Other
  • If your loan is for new construction the lender will need to see plans and specifications
  • If there's a bankruptcy in your financial history you'll need complete documentation
• The Desired Loan Amount
• The Desired Loan Type Fees
• Appraisal fee (approximately $275)
• Credit report fee (approximately $25)
• In some areas, a flood determination fee (approximately $20)

2. Go to the Online Application Now and enter the information.

A note about security: Frontier Mortgage understands the personal nature of this information and has taken every effort to make sure it is secure. The form is processed through an encrypted, secure connection. The information that you submit will be broken into small, unreadable pieces then transported at different times to avoid hackers from collecting specific data. For instance, your name and address will be sent separate of your social security number which will, in turn, be sent separate of your personal income information. Computer hackers will be unable to capture the information in a single stream, preventing them from putting it together.

3. After you submit your application, a loan consultant will be assigned to your account immediately, and will respond to you within 24 hours. For immediate assistance call (314) 205-2900 or toll free at1-877-456-2900.

What happens after I get approved?
After your loan has been approved a series of events must take place; you need to:

• Prepare for Closing
  Get a list of things from your lender that you must take care of before closing.
  
  
• Set a Date for Closing
  Choose a closing date that allows you time to gather the necessary money and information. Also, inspections of the home will be scheduled and the loan documents will be prepared. Allow time for any repairs to be made, if you have an interest rate locked in, be sure your closing date is before the deadline of that rate lock.
  
  
• More Required Items
  The lender will supply you with commitment letter that lists any other documentation that will be required. Some examples are as follows.
  
  
• Property Survey - The property survey will outline the property boundaries and show encroachments (if any), such as fences and other buildings. If there are any serious encroachments, they must be corrected before closing.
  
  
• Termite Inspection - Many areas legally require homes to pass a termite inspection, and all FHA and VA loans require one. If a termite inspection is required you must give Frontier Mortgage a copy prior to closing.
  
  
• Homeowner's Insurance - Lenders require you to carry insurance for the replacement cost of the property. Frontier Mortgage will require proof of insurance prior to closing.
  
  
• Title Insurance Policy - All lenders require title insurance to protect them against claims of property ownership by anyone other than the borrower. The Title Company issues the insurance policy after conducting a title search.
  
  
• Flood Insurance - A flood insurance policy is necessary for any property located in a flood plain.
  
  
• Water and Sewer Certification - If the property isn't served by public water and sewer facilities you'll need certification from the local government that you have a private water source and sanitary sewer facility.
  
  
• Certificate of Occupancy . Depending on your local laws, for a new home you'll need one of these before you move in. The builder should get it for you from the city or county.
  
  
• Building Code Compliance - An inspection is often required to make sure the property conforms to current building codes. There will be an inspection fee, and the contract should specify who pays for any repairs needed to bring the home up to code.
  
  
• Final Walk-Through - Within the last one or two days before your closing, you should take one last look at the home to verify that any earlier repairs were made and that there are no new damages.

The Closing
Frontier Mortgage will give you a copy of the Settlement Statement one day before closing for your review. The settlement statement contains the exact amount due at closing. A cashier's or certified check is required. You will take this check into a final or closing meeting at which you will sign a stack of important documents. Be sure to carefully read each document before signing. You will also present proof of insurance and inspection. Included in the paperwork that you will sign are:

• HUD-1 Settlement Sheet - This is the itemized list of closing costs your lender gave you the day before closing. After the closing agent completes it you and the seller both sign it.
  
  
• Truth-in-Lending Statement - Given to with your application or you soon after you apply for your loan, it outlines the cost of the loan, gives you the APR (annual percentage rate) and defines the loan terms and number of payments.
  
  
• The Mortgage Note - The mortgage (or promissory) note is legal evidence of your promise to repay the loan according to the agreed terms which this document outlines.
  
  
• The Mortgage - This is the legal document that gives the lender a claim against your house if you fail to uphold the terms of the mortgage note. Although you have possession of the house the lender shares ownership until you pay off the loan, and can demand full payment or foreclosure if you default. Some states use a deed of trust instead that conveys title to a trustee until the loan is repaid.
  
  
• Affidavits - These are documents required either by the lender or the law. Your lender can explain any affidavits you're asked to sign.
  
  
• The Deed of Trust - This document transfers ownership to your name and is signed by the seller at closing. You'll get a copy at closing and the original will be sent to you after it's recorded.
  
  
• Once all of the documents are signed, you will present your check for closing costs and down payment. The lender will present a check for the remainder of your home purchase and the closing agent will record the mortgage and the deed in your name, file it with the respective government agency, and disburse the funds. Congratulations you are finished!

Frontier Mortgage, 12400 Olive Blvd, Ste 425, St. Louis, Missouri, 63141: Phone: 314-205-2900  Toll Free: 800-456-2900

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