Application
Your UAMC Home Loan Advisor will help you complete a mortgage application (also called a 1003) either in person, by phone, by mail or online. During the application process, your Home Loan Advisor will assist you in determining which is the best mortgage program for your needs. They will also provide you with a Good Faith Estimate, which is an estimate of the funds you will need for loan approval and closing along with all Federal and State required disclosures.
The loan program that you and your Home Loan Advisor decide upon will determine which documentation you will need to provide to complete your application. It is a good idea to have the following items with you when you complete your application:
- Value of assets, including cars, stocks, real estate, personal property, pensions and investment accounts.
- Two most recent statements from your bank, investment and retirement accounts.
- Pay stub(s) for the last 30 days showing year-to-date and the current earnings period.
- W-2s and 1099s for the past 2 years.
- Self-employed applicants may also need to provide Federal tax returns from the past two years, 1040s and business profit and loss statements.
- A summary of your current monthly payments and your outstanding mortgage balance.
Underwriting
Once your loan application is complete, your UAMC Home Loan Advisor will then submit it to a member of the UAMC Underwriting Team. The Underwriter will review your loan application, ensure that all of the necessary information and documentation (relative to your loan program) is in your file and will make the final decision on loan approval.
Loan Processing
Once your loan is approved, your file will be given to a UAMC Loan Processor, who will be your primary mortgage contact throughout the mortgage process and until it is time to schedule your closing. The Loan Processor will also assist you if there are any conditions outstanding which need to be addressed in order to receive full loan approval.
Closing
The final step in the loan process is the closing. Several weeks before your closing, your Home Loan Advisor will call you to lock the interest rate on your mortgage and schedule an appointment for the closing. When your loan is approved and your home is ready to close, you will be contacted to confirm the schedule of your closing. Many Lennar and UAMC Customers use the closing and title services of North American Title Company, which is part of our Lennar family.
At the closing, you will review and sign all of the required documents with the closing Agent/Attorney and pay your closing costs. After you have signed the loan documents, your loan documents will be recorded and you will officially become a homeowner.
What to bring to closing:
- Certified funds:
One of the most important things that you must bring is a cashier’s check in the amount of the funds needed to close the loan. UAMC will give you an estimate of the money needed on your Good Faith Estimate and your title company or closing attorney will confirm the exact amount a day or two before closing.
- Identification:
You should bring your driver’s license, passport or other government issued photo identification to closing so we may make a copy.
- Hazard Insurance Policy:
Homeowners insurance is an important requirement that must be obtained before you close on your new home. Lennar makes arrangements for you to be contacted by one of the nation’s largest insurance agencies that specializes, among other things, in homeowners insurance for newly constructed homes. You will need to arrange for homeowners insurance coverage before you close on your home and provide a copy of your policy along with a paid receipt for the first year’s premium to your Loan Processor.
After Closing
After closing, UAMC will transfer your mortgage to a different company, which will then become your loan servicer. The transfer of your mortgage will not change any of the terms of the loan program. You will be contacted with the information about the new company, including where and when to send your payments once the transfer is complete. Our UAMC Team will guide you carefully through this process and will answer any questions that you may have.
