12 Month Bank Statement – Open Doors Mortgage Solutions

12-MONTH BANK STATEMENT

Qualify with 100% on Personal Account Deposits and 50% on Business Account Deposits (12 consecutive months)

Application

OUR PROGRAMS

What you need to know

The Home Loan Process really is simple

1 Get Pre-Approved

A Pre-Approval is quick and can aid you in having your Purchase Offer accepted. We will work with you to evaluate your income / asset / credit history via supporting documentation.

2 Loan Application

Once pre-approved, buyers can start looking for a home within their budget. After finding a property and agreeing on the price, they formally apply for a mortgage. This step requires updated detailed financials and documentation.

3 Lock Rate

If you choose to lock you Rate, you will have confidence of what your housing payment will be. There will be no changes from the locked Rate as long as the loan closed within the selected Rate Lock period.

4 Loan Processing

Processing your Loan means we gather all the necessary documentation on the property and you, as required by guidelines.

5 Underwriting

Underwriting your Loan means a Risk decision is made based on the documentation on the property and you.

6 Closing

Closing your Loan means the Loan file is complete with a favorable decision. You will provide your funds to close and execute a Closing package.

What you need to know

Our simple home loan process

1 Pre-Approval

Before house hunting, potential buyers should get pre-approved for a mortgage. This involves submitting financial information to a lender who then evaluates credit history, income, debts, and assets to determine your loan terms.

2 Loan Application

3 Lock Rate

When you lock in a rate, you and the lender agree to a specific interest rate for your mortgage. This rate remains unchanged irrespective of market fluctuations during the lock period. The lock-in period usually ranges from 15 to 60 days.

4 Loan Processing

The lender processes the application, which includes verifying all the information provided by the applicant. They may request additional documents or clarification. During this stage, an appraisal of the property is also conducted to assess its market value.

5 Underwriting

In this critical phase, the underwriter reviews all documentation and decides whether to approve or deny the loan based on criteria like credit score, debt-to-income ratio, and property value. This is where the lender takes on the financial risk of the loan.

6 Closing

The final step is closing. This involves signing a variety documents that finalize the mortgage process. The buyer typically pays the closing costs, and the ownership of the property is transferred. Once this is completed, the buyer is now the new owner of the home!