The Loan Process

Our loan application form asks for information on the property you are buying, as well as the employment and financial history of all loan applicants. We will verify the information
shown on the loan application before deciding whether or not to make the loan, so it is very important to make sure that it is complete and accurate. You WILL NOT provide us with any
documents at this time.

It is easier to complete the loan application process if you prepare for it ahead of time. We will ask about your personal finances, including bank account numbers and balances,
current loan amounts and payments, and credit card account numbers. You need to be thorough and precise in providing this information, so it is best to assemble information
before you meet with us. Following is a summary of the major kinds of information required on the loan application, the documents that may be needed, and the questions
that you should be prepared to answer.

Details Of The Purchase Contract And The Property
Because the property is security for the loan, we will have an appraisal made of the property; and you will need to have the following information available:

A complete copy of the sales contract, including any addendums, signed by all parties, showing the full names of the sellers and buyers as they will appear on the new deed, the
amount of earnest money deposit and who is responsible for closing costs, origination fees, etc..

If the house is to be built, or is still under construction, a set of plans and specifications. The complete mailing address of the property, its age, and its full legal description and
Name, address, and telephone number of the real estate agent and/or the seller of the property who will assist the appraiser in obtaining access to the property.

Personal Information
We will need to obtain your and any other co-borrower's Social Security number, age, number of years of schooling; number and ages of dependents, current address, and
telephone number. If you have lived at your current address less than two years be prepared to furnish former addresses. You will also be asked to detail your current
housing expenses, including rent or mortgage payments, real estate taxes, and insurance (your mortgage payment may include tax and insurance funds). You will need the name
and address of your landlord's) or Mortgage Company (ies) for the past two years.

Employment History And Sources Of Income
Your ability to make the monthly payments on the mortgage and to afford the costs associated with owning a home are primary considerations in our loan approval process
and should be your primary concern.

We will have you sign a general credit authorization, which will be sent to your employer to verify your employment and earnings if we are unable to verify employment over the phone.

If you are relying on income from other sources, such as rental property, Social Security, disability payments, child support, etc., you must provide adequate proof of the source.
Appropriate documents could include canceled checks, copies of leases, Federal tax returns, and certification of benefits, divorce decrees, and similar evidence.

Personal Assets
A detailed listing of your personal assets is required on the loan application form.

We will look for the source of funds with which you will make the down payment and pay closing costs and fees. Any recent large deposits will have to be explained. Gifts from a
relative, church, employer, municipality, or non-profit organization may sometimes be used, but must be verified in writing. In some cases, the donor must be a relative and must
provide a letter stating the donor's relationship to you, the amount of the gift, and the fact that no repayment is expected. Receipt of the gift funds must also be verified.

Personal Indebtedness
You will be asked to itemize all of your current bills, loans, and other debts, including current balances and monthly payments.
Debts include automobile loans; credit cards such as Visa, MasterCard and other retail store accounts; finance companies; bank and credit union loans; 401K loans; and existing
mortgages, including home equity loans. You should be able to give the account or loan number, the monthly payment, the number of payments remaining, and the outstanding
balance.

You will also be asked to explain the details if you are obligated to pay alimony, child support, or separate maintenance.

The information you provide on the loan application will later be verified by a credit report ordered by us. Like employment and deposit verification, differences between your figures
and those on the credit report might raise questions and may delay the approval of your loan. It is to your advantage to take time to get your data right prior to filling
out the loan application.

If you have had credit problems, your should inform us promptly. We recognize that unemployment, illness, marital problems, or other financial difficulties can temporarily
impair your credit rating. Provide a written explanation of the circumstances regarding the problem to be included with the loan application. We will consider such a written
explanation as part of the underwriting analysis. Chronic late payments, judgments, or loan defaults, however, severely damage your credit standing and may prevent
you from obtaining the financing you need.

If you have been through bankruptcy or foreclosure proceedings within the past seven years, be prepared to give full details and copies of applicable documents regarding them.

Additional Information
You will be asked to sign a section of the loan application form that contains your certification that the information you have provided is correct to the best of your knowledge,
your promise to advise us of any material changes in the information, and your consent to verify the application data.

The last part of the application form requests information on the race and gender of the applicants. The Federal Government uses this data to monitor our compliance with fair
housing and equal credit opportunity laws. Provision of this information is strictly voluntary on your part and has no affect on your loan application. We, however, are required by
Federal law to request this information.

Because of the particular circumstances surrounding a loan application, we may require additional information or documentation regarding you or the property after the application
has been submitted for approval. We make every effort to collect all data at the outset, but cannot foresee every eventuality. Requests for additional information are not necessarily
bad omens, and your primary concern should be in responding promptly with the information.

At the time the application is taken, you will probably be asked to pay for the credit report and appraisal fees.

If you have come fully prepared to the interview with the loan officer and have provided good documentation, you have done a great deal to assure prompt processing of your
application and approval of your loan.

After The Loan Application - What Next?
After the loan application has been completed, it will be turned over to our loan processing department and then to the underwriter, where the decision to approve or reject the loan
will be made. Loan processors call to confirm the information you provided, or send out the verification of employment and deposit, and order the credit
report, property appraisal and other documents. The time it takes to receive these documents affects the length of time required for approval of the loan. If you are
transferring into the local community, it may take longer to receive the credit and employment information.

The Closing Process
After your loan has been approved by the underwriter, and all conditions met, it is sent to the closing department. Once again, everything is checked for accuracy and the closing
package is forwarded to the approved closing agent. The closing agent in this transaction represents the lender and will conduct the closing on our behalf. The closing agent at this
point has run the title search and insured that the property is able to be conveyed by the seller without any encumbrances. The closing agent checks the title and makes sure that
the lender has proper coverage.

The borrower will have to bring in a certified (or cashier's check) for the cash needed for closing.

The closing agent will obtain the necessary signatures on the closing documents and disburse the money.

           Congratulations! Now let's move to the pre-application.

                              You may apply by  fax, U. S. mail or just click here.

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EDWARD WILLIAMS MORTGAGE, LLC     EDWARD WILLIAMS MORTGAGE NW
Tel. 281-531-7962, fax. 281-531-7965          Tel. 281-290-0539. fax. 281-290-6965
INFO@EDWARDWILLIAMSMORTGAGE.COM              EWMORTGAGENW@EDWARDWILLIAMSMORTGAGE.COM

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