The first step on the road to buying a home or refinancing a home loan is submitting a mortgage loan application. You start this process by filling out the Uniform Residential Loan Application (URLA). This is a standard application that every lender uses. Click on the video below for an overview of the application process during a mortgage loan.
The application process might seem confusing, but Planet makes it easy to apply in person at one of our branches or online. If you have your financial information ready, your application can take less than an hour. Plus, our mortgage loan originators are on hand to answer your questions when you begin to apply for a mortgage.
As you begin the mortgage approval process, you might see the loan estimate terms "pre-qualified" and "pre-approved" for a mortgage used interchangeably — but they are not the same thing. Pre-qualification is only a rough estimate, and it's a great way to get an idea of how much of a home loan you might be able to get. Going through the mortgage pre-approval process makes the most sense if you want to know the exact amount you can borrow. Pre-approval means more because shows sellers you can afford their property.
When you apply for a mortgage, you provide documents to us that paint a clear financial picture of you. That way, we can find the best mortgage for your financial situation. These documents fall into four categories:
Income and Employment
This information helps Planet find the best home loan options for you. Planet’s loan professionals will let you know exactly which ones they need for processing your application. Here are some common income documents (you likely won’t need to supply all of them):
Assets
Your assets show where you'll get the money to pay your loan, down payment, and closing costs, as well as to make your monthly payments.
Credit and Identity Information
This information is used to confirm your identity and check your credit score and history during the mortgage approval process.
Property Information
We use this information to learn more about the home you're buying or if you’re getting a refinance, the one you currently own.
Once you finish your application, Planet keeps in contact with you to keep the process moving along.
After you apply, we’ll ask for your consent to send you loan documents electronically through a trusted third-party provider that ensures 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 finish your mortgage loan application. It outlines the initial terms of your mortgage loan. 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.
Applying for a mortgage is a significant credit event. After you apply for a mortgage, we’ll closely analyze your financial and credit history. Once you start the mortgage process, try to avoid doing things that might negatively impact your credit report and change your financial picture.
Do:
Don’t:
Before you borrow money to buy a home or refinance, it's important to know how much the home is worth. Read More
Once you've finished your application and we've ordered your home appraisal, loan processing is the next step. Read More
Let us walk you through the mortgage loan process, from beginning your application all the way to closing and funding. Read More
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