Homebuying loan process

Complete your application in its entirety. If you started the process online with a preapproval or rate quote, your information will be received by a qualified mortgage loan officer, and they will contact you regarding any additional information that is needed and walk you through the rest of the mortgage process. Like most buyers, you'll want your loan approval process to go quickly and smoothly.

At Huntington, we make this possible by minimizing the documentation you'll need to provide. The following checklist shows what is required to review your loan.

• Application fee (if applicable)
• Legible sales contract signed by buyers and sellers (when available)
• Social Security numbers of all applicants
• Complete addresses for the past two years (including complete name and address of landlords for past 24 months)
• Names, addresses, and income earned from all employers for past 24 months
• Copies of previous two years' W-2 forms
• Copy of most recent year-to-date paystub
• Account number, monthly payment, and current balance for: installment loans, revolving charge accounts, student loans, mortgage loans and auto loans, and the name and address of the holder of these accounts.
• Account number and current balance of all deposit and investment accounts, including: checking accounts, savings accounts, stocks, bonds, 401K and the name and address of the holder of these accounts.
• Three months' most recent statements for deposit accounts, stocks and investments
• If you choose to include income from child support or alimony, bring copies of court records or canceled checks showing receipt of payment

If you are applying for a VA Loan, then you also need to bring the following additional documents:

• DD-214, Certificate of Eligibility, or statement from your Commanding Officer if you are on active duty 

If you are self-employed or paid by commission:

• Previous two years' federal income tax returns with all schedules
• A year-to-date profit and loss statement 

If you own other properties:

• Address of properties and current market value
• If any debt is owed on these properties then provide the lender's name, address, account number, monthly payment and current balance for all loans
• Copy of previous two years' federal income tax returns with all schedules
• A year-to-date profit and loss statement

If renting, a copy of your lease

If you have filed bankruptcy in the last seven years:

• Copy of petition and discharge, handwritten explanation of the reason for bankruptcy and evidence of excellent credit since the bankruptcy

The Real Estate Settelment Procedures Act (RESPA) and the Truth-in-Lending Act (TILA) require that, within three business days of receiving your application, we provide you with a:

• Loan Estimate - This form presents an itemized estimate of the costs you will incur at closing as well as estimated information on your annual percentage rate (APR) and cost of financing.
• Settlement Cost Booklet - This booklet is published by the Consumer Financial Protection Bureau (CFPB), and its purpose is to give you general information about various loan settlement expenses.

Take the time to review these documents very carefully. If you should have any questions regarding these documents, please email your mortgage loan officer or Huntington directly at mortgage.direct@huntington.com or call us at 800-562-6871.

Credit Report - Huntington will obtain a credit report showing your credit history. If your credit report shows a late payment or default, you may be required to provide a written explanation of why it occurred. If you have declared bankruptcy in the past, you may be required to furnish copies of the official bankruptcy documents and a written explanation of why the bankruptcy occurred.

Property Appraisal - A property appraisal is a basic requirement for almost any mortgage loan. An appraisal is an estimate of a property's value as of a given date as determined by a qualified professional appraiser. Huntington usually selects who will appraise the property and orders the appraisal. The value may be based on replacement cost, the sales of comparable properties or the property's ability to produce income. The borrower has the right to receive a copy of the appraisal.

Property Survey - A survey will be required, which is a physical measurement of property done by a registered professional showing the dimensions and location of any buildings as well as easements, rights of way and roads.

Other Property Inspections - Other property inspections may be required, including a pest or termite inspection, typically paid for by the seller; an inspection of the septic system and well water, if appropriate; building inspections stating that the electrical, heating, and plumbing systems are in working order and appliance inspections. These inspections may be ordered by you or the real estate agents and should be discussed with them to determine when they are needed and the party responsible for payment.

Your Loan is processed and can take anywhere from 48 hours to three weeks or longer, depending upon the type of mortgage you choose and other factors. Other factors that may increase the loan processing time include whether the applicant is self-employed, title clearance, appraisal issues,or you do not provide documents to the lender in a timely manner. Huntington evaluates and verifies the information you have provided. Additionally, a reconciliation of your application and the documents ordered is also performed to ensure the accuracy and completeness of the file.

The loan decision is made based on all the information you have provided, the credit report, and the property appraisal. This decision must be in compliance with the regulations, guidelines, and standards of government agencies, any secondary market investors, and those of Huntington. During this process, additional information can also be requested of you. Once a decision on your file is reached, a mortgage loan officer from Huntington will contact you with the information, and you will receive a credit approval letter.

Your mortgage loan officer from Huntington will contact you to coordinate a closing date that is suitable for you. At that time, Huntington will remind you that your homeowners insurance policy is needed and should be mailed to us at least one week before your scheduled closing date. The closing agent or title company handling your settlement will contact you anywhere from 24 to 48 hours before the settlement date. The purpose of the call is to provide you with the exact dollar amount you need to bring to closing. You will be asked to bring this amount in the form of a certified or cashier's check.

During the closing, or final settlement, the buyer becomes the owner of a desired property and the seller gets paid. The word "closing" refers both to the time of settlement and the act itself of transferring ownership of the property. Settlement attorneys and/or closing agents will guide you through the process of reviewing and signing documents.

Congratulations on your new home! The closing package you received at settlement will include information on where and how you can make your mortgage payments. The timeliness of your mortgage payment is critical to maintaining your good credit standing.

Take the time to review the closing package documents very carefully. If you should have any questions regarding these documents, please contact your mortgage loan officers.