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    Apply For a Loan

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    Loan Request

    Application Process

    Applying for a mortgage doesn’t have to feel overwhelming. At Prism Mortgage, we make the process clear and straightforward. Below you’ll find an overview of the application process and a checklist of documents you’ll need to provide. Every situation is unique, so additional information may be required but being prepared with the essentials will help speed things along.

    Step 1: Find Out How Much You Can Borrow

    Before you start shopping for a home, it’s important to understand your borrowing power. By answering a few questions, we’ll calculate how much you may qualify for based on standard lender guidelines. You can also get pre-approved, which means your income, credit, assets, and debts are verified in advance. Pre-approval strengthens your position when negotiating and can help you close faster.

    Key factors lenders consider:

    • Loan-to-Value (LTV) & Debt-to-Income Ratios: Your monthly mortgage payment should generally not exceed one-third of your gross income.
    • FICO™ Credit Score: A reflection of your credit history, payment habits, and overall financial profile.
    • Self-Employment Income: Lenders typically require two years of tax returns for self-employed borrowers.
    • Source of Down Payment: Funds may come from savings, investments, or allowable gift funds.

    Step 2: Select the Right Mortgage Program

    Every borrower’s needs are different. From programs specifically for first time home buyers, to loans with adjustable rates or low down payments, we’ll help you determine the best fit for your situation.

    • Tailored loan options designed to meet every borrower’s unique financial goals and circumstances.
    • Specialized programs offering support and benefits for first-time home buyers entering the market.
    • Flexible adjustable-rate mortgage solutions providing lower initial payments and long-term savings opportunities.
    • Low down payment loan choices to make home ownership more accessible and affordable for qualified buyers.

    Step 3: Apply for the Loan

    Once you’ve chosen your loan program, you’re ready to complete the full application.

    • Review your financial documents and credit details to ensure accuracy before beginning the application process.
    • Select the loan program that best matches your needs, goals, and long-term financial plans.
    • Complete the application form carefully, providing all required information and supporting documentation on time.
    • Submit your application and await lender review, responding promptly to any additional information requests.

    Step 4: Loan Processing

    After submission, our team will verify your information and order the property appraisal. We’ll review:

    • Income & Employment – Is your income stable and sufficient?
    • Credit History – Do you repay debts on time?
    • Assets – Do you have funds for the down payment and closing costs?
    • Property Value – Is the home worth the purchase price?

    Tips for a smooth process:

    • Respond quickly to requests for additional documentation.
    • Avoid moving large amounts of money between accounts.
    • Hold off on major purchases until after your loan closes.
    • Stay available near your closing date.

    Step 5: Close Your Loan

    Once approved, you’ll sign your final documents—typically at a title company or in front of a notary. At closing, be prepared with:

    • A cashier’s check for down payment and closing costs (personal checks usually not accepted).
    • Proof of homeowner’s insurance (and flood insurance if required).
    • A valid ID.
    • For most loans, funds are disbursed and ownership is transferred shortly after signing.

    Loan Application Checklist

    Here are the documents commonly required when applying for a mortgage:

    Property Information

    • Valid government or state issued ID
    • Signed sales contract (with riders)
    • Contact details for realtors, builders, attorneys, and insurance agents
    • Verification of earnest money deposit
    • Listing sheet and legal description (plus condo documents if applicable)

    Income Documentation

    • Most recent 30 days of pay stubs and year-to-date earnings
    • W-2 forms from the past two years
    • Employment history for the past two years
    • Explanations for employment gaps
    • Work visa or green card (if applicable)
    • Full personal tax returns (last two years)
    • Year-to-date Profit & Loss statement
    • K-1s for partnerships/S-corps (last two years)
    If receiving alimony, child support, Social Security, or VA/disability benefits:
    • Court orders, divorce decree, or award letters
    • Proof of consistent receipt

    Source of Funds / Down Payment

    • Contract and settlement statement for sale of current home
    • 3 months of bank statements
    • Brokerage statements for stocks/bonds
    • Gift affidavit and proof of funds (if applicable)

    Debts & Obligations

    • List of current debts with account numbers, balances, and monthly payments
    • Mortgage/rental history for the past two years
    • Court orders for alimony/child support obligations
    And don’t worry – while this may feel overwhelming, we are here to walk you through it, every step of the way!
    Tip: Having these documents ready in advance will help your application move faster and more smoothly.