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for our upcoming Homebuyer Workshop on May 14th!

A Note from the owner.

Charter House has saved our sellers over $2 million dollars in commission over the past 2 years compared to 6% and we are proud of this fact!

This means we take less commission than others while still providing full service.

While we might seem seller focused, the long term success of our business depends on BUYERS allowing us to help them buy homes!

You do not have to buy with us to sell your home, BUT, if you do plan to buy a home, we would greatly appreciate you allowing us to help you do that. We simply make more money helping buyers and those deals are needed to keep our doors open for years to come!

If you appreciate what we do on the selling side, help keep us around by buying a home through us or telling a friend about us that is looking to buy a home. Thanks!

Main Content

Request A Copy of our
Seller Guide

    Applications & Processing

    Mortgage Brokers and Lenders – Who Does What?

    The mortgage broker is the person or company who is your main contact throughout your loan. They are often able to work with a number of lenders, who actually provide the funds for the loan. Typically, the lender pays the mortgage broker a fee for acting as the intermediary and providing all the customer service.

    Filling Out the Application

    There are standard forms to be completed when applying for a loan. Some mortgage brokers keep these on their website so you can fill out and submit the forms on line. The information will be verified and used to qualify you for your loan, so take the time to answer questions accurately.

    Documentation

    The mortgage broker will need copies of the documents you began gathering in the first phase of the loan process, including:

    • Either 2 years of W-2 forms from your employer or 2 years of tax returns if you are self-employed
    • Recent pay stubs
    • 3 months bank and money market statements
    • Brokerage, mutual fund and retirement account statements
    • Proof of other income sources (alimony, trusts, rental income, etc.)
    • Credit card statements
    • Auto /boat / student / miscellaneous loans
    • Drivers’ license or form of ID
    • If you’re not a US citizen, then copy of your green card or visa
    • Copy of any existing mortgage debts if you are applying for a home equity line of credit or another mortgage

    Stay in Communication

    The lender will have an analyst, usually called an “underwriter”, crunch your numbers and verify your documentation to confirm your ability to repay the loan. Once you are in contract on a property, there may
    also be a loan approval committee which will meet to review the underwriters’ conclusions regarding your creditworthiness, and to evaluate the property on which they are lending. This is called the underwriting process, and questions
    are bound to arise. Be sure to return your mortgage broker’s calls promptly to keep the process moving forward smoothly. Check in with your broker periodically.