Our Mortgage Loan Process

Organize Your Information

To apply for Pre-Approval you'll need to have the following information ready:

Names, current addresses, Social Security numbers for all borrowers

Previous addresses for two years 

Names and addresses of employers for the past 2 years

You and your co-borrower's gross monthly income, including bonuses and dividend/interest income 

Apply Online

Getting pre-approved is an essential step if you want to buy a home. It gives you the advantage of showing sellers that you're a qualified buyer. Sign up for a free consultation with your mortgage representative to get pre-approved.  If you've already found a home, and you have the Purchase Agreement, you're ready to apply.

Security & Privacy: At Venture Bank Mortgage, we take your privacy and security very seriously. We don't allow anyone else to see your information without your authorization, and we always require your password to access your loan status. For more information, read our Privacy Policy. 

Complete the Documentation Process
After you submit your application, we will call you to talk about the type of loan you have chosen. We will send you a complete application package that includes several items that you will need to sign, and a list of documents that we will need from you. Here is a list of some of the documents you may need:

Salaried Income

Most recent pay stub showing year-to-date income; if there have been multiple employers in the current year, all pay stubs showing year-to-date income.

Last year's W-2

Salary Plus Bonus/Overtime

Most recent pay stub showing year-to-date income

Last year's W-2

Straight Commission Income

Most recent pay stub showing year-to-date income

Last two years' 1040 tax returns

Self Employed Persons (1099 recipient):

Last two years' personal tax return and partnership or corporate tax return

Current year-to-date P&L if tax returns are older than 12 months

Signed IRS Tax Form 4506

Partnership Income

Last two years' personal tax returns

Last two years' K-1s, 1065s, P&Ls, and YTD Balance Sheets

Corporation Income (if ownership is 25% or more)

Last two years' personal and business tax returns (1120)

Current year-to-date P&L if tax returns are older than 12 months

Trust Income

Trust Agreement or trustee's letter stating payment amount, frequency and duration (must continue for at least three years

Last two years' tax returns

Rental/Lease Income:

Copy of Rental/Lease Agreements

Last year's tax return

Social Security/Pension/Retirement/Disability (three years remaining required)

Award Letter

Most recent two months' bank statements (if direct deposit) or copies of checks

Interest/Dividends

Last two years' tax returns

Copies of current statements

Alimony/Child Support

Complete Divorce Decree

Proof of six months' receipt (must be received continuously for three years to qualify as income)

Assets

Most recent two months' bank statements

Most recent brokerage account statement

Most recent IRA/401K statement

Gift Letter: If gift funds are being used, a letter that includes date of gift, the amount of the gift, the donor's name, address, telephone number, donor's relationship to borrower, a statement that repayment is not expected, document(s) verifying transfer of funds and copy of a withdrawal receipt from the donor's account or a copy of the gift check will be required.

Recent Sale of Real Estate: If funds to close are being derived from the sale of real estate, a certified copy of the HUD-1 settlement statement from sale of the property is required.

Recent Sale of Personal Property: If funds to close are being derived from the sale of personal property such as autos, boats, equipment, etc., an acceptable independent appraisal, the bill of sale and a copy of the certified payment check will be required.

Credit History / Liabilities

Bankruptcy petition and discharge papers, if applicable

Written explanations of any serious derogatory credit if applicable:

• Bankruptcy

• Collections, judgments, liens

• Late payments - mortgage or revolving credit

• Defaults, foreclosures, short sales

• Final divorce decree, if applicable

Purchase Transactions

Copy of signed Purchase Contract (include all counter offers) Evidence of homeowner's insurance (required prior to closing) Evidence of flood insurance, if applicable

Refinance Transactions

Evidence of homeowner's insurance

Evidence of flood insurance, if applicable

Condominiums or Planned Unit Developments

Project name, homeowner's association (HOA) name, HOA contact name and phone number

Get Pre-Approved

We will review your application, documentation and check your credit report.  After we have determined that you're able to repay the loan, your Personal Mortgage Banker will contact you and send you a letter of pre-approval.

Find A Home
Once you've been pre-approved, it's time to start house-hunting. 

Choose Your Home

Identify Your Priorities

Select an Agent

Search for a House

Make Your Offer

Organize Your Offer

Present Your Offer

Get an Inspection

Submit Property Information for Approval

Once your offer for a house is accepted - and you've been pre-approved with us - you can contact your Personal Mortgage Banker and complete the process. At that time, we will need a copy of the signed Purchase Agreement and any remaining conditions listed on your approval letter. (If you knew the property when you submitted the application, you may have already completed this step.)

Complete Appraisal, Title, & Underwriting
After you submit the property information for approval, we'll order your title and escrow settlement with the company you request, or with one of our providers. (If you cancel the loan, or are denied approval after title work as been ordered, you may be responsible for preliminary title fees charged by the title company.)

Next a qualified appraiser will look over the property and submit a report to us. This lets us determine if the home is worth enough to support your loan.

If you've already been pre-approved, a final underwriting will take place. This involves analyzing the appraisal report and your ability to repay the loan.

Get Approval & Lock Your Rate

Once your loan has been approved, the next step is to call your Personal Mortgage Banker to lock your rate. This ensures that your interest rate won't increase before you close your loan. Your rate lock options include 30, 45, or 60 days. Rate lock options including 90, 120, or 180 days will require an upfront and non-refundable fee. Choose an option that will best meet your closing time frame.

Close Your Loan

Your Personal Mortgage Banker will contact you to schedule a closing date. It is indicated on your purchase agreement. Closing is not very complicated, but you'll need to understand the various steps and fees involved with the process. Here's a list of the costs you can expect when closing your loan:

Title Insurance Fee

These fees cover title search and insurance fees. A search is made to verify that the seller is the one who actually owns the house, and has the right to sell it. Title insurance protects the lender in case it turns out that there is a lien or other title problem on the house that was undisclosed at the time of sale.

Appraisal fee

As lenders, we need to know that your house is worth enough to support your loan. A qualified appraiser will look over the property and produce a report.

Underwriting Fee

These are our fees for processing your mortgage loan.

Origination Fees/Points

Based on the loan product and rate you choose, you may pay points. One point equals one percent of the loan amount.

Mortgage Insurance

Generally, a loan with a down payment of less than 20% requires mortgage insurance, which protects the lender if a borrower defaults on a home loan (however, we offer loans that can eliminate mortgage insurance on loans with as little as 10% down).

Homeowner's Insurance

Homeowner's insurance is required to protect against property damage due to hazards, such as fires.

Credit Report Fee

A fee charged for obtaining your credit report.

Recording and Transfer Fees

This covers the costs of changing the property title in official county records.

Pro-rated Property Taxes

These are taxes paid to the state and/or community for your property. They vary according to the purchase price, the local tax rate, and the month in which you close your loan.

Prepaid Interest

This amount pays the interest due from the date of funding to the end of the current month.

Additional Fees

You may be required to pay other fees including Wire Fees, Tax Service, Survey Costs, Flood Certification, Escrow/Settlement Charges, Messenger Fees, Sub-Escrow Fees, and Transfer Tax. Speak with your Personal Mortgage Banker about these additional fees.

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