Mortgage Process


  • Name and address of banks and/or credit unions for checking and savings.
  • Checking and savings account numbers and balance.
  • If stocks and bonds are to be cashed and used for down payment or closing, verification of such will require (copy of stock certificates, bond serial numbers or copy of transfer).
  • Value of household furnishings.
  • Make and model of automobiles and their value.
  • If you are using equity form sale of previous property, a copy of the settlement statement is required.
  • Amount of life insurance, monthly premiums and cash value, if any.
  • Gift Letter if relative is providing gift of funds.


  • Names and address of employers for past two years.
  • Amount of base pay, commissions (if on a commission basis, copies of W-2 forms or tax returns for past 3 years* is required), auto allowance, expenses and/or bonuses.
  • If self-employed, tax returns for the past 2 years and/or current audited profit and loss financial statement.

*Some lenders may require 7 years verification of employment and mortgage/rental payments.


  • If applicant presently owns property, name and address of present mortgage company, loan number, approximate balance of loan and amount of monthly payment.
  • Name of any firm, credit cards, etc., with outstanding balances and the account number and/or credit references with account number.
  • Estimated cost of cars owned, the year and model. Name and address of lending company, loan number and balance.
  • If child support or alimony is applicable to the purchaser, it will be requested that separation papers or divorce decree be shown.

VA Locans

  • A copy of Veterans DD-214 or Certificate of Eligibility is required.


  • Documented cost of child care is required.

Of paramount importance are the contractual requirements that you obtain financing within a specific period of time. When making loan application, in addition to the items mentioned above, you will also need:

  • A check for the credit report, approximately $50.
  • A check for the appraisal of the property, approximately $350.
  • A copy of the purchase contract.
  • Description of the house (number of rooms, number of baths, etc.), current real estate taxes for the property.

At the time of loan application or shortly thereafter, the lender will provide to you a "good faith" estimate of your closing costs. The lender will perform a credit check to verify all the statements on your loan application and order an appraisal on the property. While this is taking place, he will await prompt return of the employment and savings verification forms. When all of the above is complete, your application will go to the loan committee.

The length of time it takes to process your loan depends upon the type of financing you are seeking, therefore, prompt loan application and providing all information requested by lender in a timely fashion is essential. Additionally, you must make loan application within the time frame specified in the purchase contract.

You will be notified when your loan has been approved. The commitment and loan disclosure will be prepared by the lender and sent to you for your signatures. It is extremely important that you examine the contents of the commitment letter and make certain that all conditions, predications, and lender requirements are complied with. If the commitment is correct and satisfactory, sign and return it as soon as possible so that the attorney handling the closing can prepare for closing. Some lenders may require the payment of 1% loan origination fee upon acceptance of loan commitment.

Are you ready to speak with a lender now? Laura Stevens, Debbie Giambanco, Alexis Thomas, Jordan Matthews, and Chris Driver with Virginia Credit Union* (VACU) are our in-house lenders. They will be happy to discuss your financing needs. Contact them today to get started!

Reynolds Crossing Office 

Midlothian at Westchester Office Westhampton Commons Office Fredericksburg Office

Laura Stevens


About Laura

Christopher Driver


About Chris

Debbie Giambanco


About Debbie

Alexis Thomas


About Alexis

Jordan Matthews


About Jordan

Mortgage Process for Richmond Home Buyers Source: Keeping Current Matters

*While Virginia Credit Union members are free to select their own real estate brokerage and title insurance company in connection with their mortgage transaction, we offer our members a voluntary program that includes a discount at settlement equal to 0.60% of the loan amount up to a maximum of $12,000, not to exceed the lender closing costs. The average discount of $1,500 - $2,100 is based on loan amounts of $250,000 - $350,000. Specifically to qualify for the discount, they must be a Virginia Credit Union member and close their mortgage through Virginia Credit Union, use Virginia Statewide Title Services for title insurance, and use an agent from Virginia CU Realty LLC, Virginia Select Realty or Joyner Fine Properties LLC as their buyer’s agent. Discount void where prohibited. Certain restrictions apply. Not available in all areas.

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