Let's Get You Home

Application 101

To begin your mortgage application process, fill out the Uniform Residential Loan Application (URLA). You can also in person at a branch. The loan application process can take less than an hour if you have your financial information ready.

When you apply, you provide information that falls into four categories:

• Income and Employment. This information lays out your finances and helps Planet find the best home loan options for you. Documents you’ll upload or supply might include pay stubs, W-2s, personal or business tax returns.
• Assets. This shows us where you'll get the money to pay your mortgage, down payment, and closing costs. Documents include bank statements, gifts and gift letters, closing funds from another property, and others.
• Credit and Identity information. Used to confirm your identity and then check your credit history during the mortgage approval process. Documents include driver’s license, Social Security card, and more.
• Property. Tells us about the home you're buying, or if you’re getting a refinance, the one you currently own. You might need to provide documents, including homeowner’s insurance agent information, mortgage statement (if refinancing), and information about your current residence.

Don’t stress! Your Planet loan officer will let you know the exact documents you need to provide for the type of loan you’re applying for.

Ready to submit? Great! At Planet Home Lending, we don’t charge a mortgage application fee, so you have one less thing to pay for.

Disclosures 

Once you submit your loan application, Planet stays in frequent contact with you to keep the mortgage loan application process moving along.

One of the first things we’ll request is your consent to send you home loan documents electronically. A trusted third-party provider manages this part of the process to ensure your personal information stays private. Then, you can use our secure online portal to upload, read, and complete required documents.

The first document we’ll send is your Initial Disclosures within three business days after you complete your home loan application, which outlines the initial terms of your mortgage. You must read, sign, and return your initial mortgage loan disclosures and documents promptly, as many of these documents are covered by federal or state-mandated time limits that both you and Planet must meet. 

Processing 101

During mortgage processing, your Planet home loan processor makes sure the right documents are collected and verified to be ready for underwriting.

The processor checks your credit report for inaccuracies and keeps track of the various mortgage deadlines. The documents you submit during this time must be correct and complete, or it can add delays to the loan application process. Once the processor has everything they need, your mortgage moves from processing to underwriting.

Conditional Approval 101

Conditional approval means that your underwriter has looked at all your information and some things need clarification.

At this point, Planet may ask you to send more information. Don’t panic. It’s not unusual for the underwriter to ask for an explanation or additional info. Your Planet mortgage expert will be in touch to let you know exactly what you need to provide. On rare occasions, this additional information can lead to the loan being denied. The best way to ensure success is by providing accurate, complete information at every stage of the mortgage loan process. 

Once all the required documents are in, your mortgage file will undergo a final review. This involves double-checking all your paperwork, verifying employment status, pulling a final credit report, and making sure that everything is in good shape.

To help move the process along quickly, stay in touch with your mortgage loan originator and quickly respond to any requests. After the final review, if all goes well, you’ll hear from your mortgage originator with good news and an approval letter. Next step? Closing.

Funding - Congrats!

Funding is when Planet wires the money for your home purchase to the title company or to pay off your current mortgage in a refinance. It's the last and final step in the mortgage loan process.

When you purchase a home, funding typically happens at closing. If you’re refinancing an existing home loan, funding will not occur until three business days after closing.