Your Philadelphia Main Line Real Estate Agent
    Distinctive Homes Main Line

    Mary Beth Hurtado

      Tel: 610-608-3119    
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Main Line Real EstateMain Line Real Estate

Philadelphia's Main Line Pennsylvania

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Home Loan Process

AN OVERVIEW OF THE LOAN PROCESS

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Organize your documents

If you are buying or refinancing a home

If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.

  1. If you own rental property, please provide rental agreements and two years tax returns.
  2. If you wish to speed up the approval process, please also provide three months bank statements for each bank, stock and mutual fund account.
  3. Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
  4. If you are requesting a cash out refinance please provide a letter explaining what you plan to do with the proceeds.
  5. Provide a copy of divorce decree if applicable.
  6. If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

If you are applying for a home equity loan

  1. If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
  2. If you own rental property, please provide rental agreements and two years tax returns.
  3. Please provide a copy of the note on your first mortgage. This will normally be found in your closing loan documents.
  4. Please provide a signed letter explaining what you plan to do with the proceeds.
  5. Provide a copy of divorce decree if applicable.
  6. If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

Get qualified
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Getting qualified before you apply for a loan can help you understand how much you can borrow.

When buying a house, you may get pre-qualified or pre-approved. You can typically get pre-qualified over the phone or on the Internet in a few minutes. A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. This will help you:

  1. Find out the maximum house you can buy, so you don’t waste time looking for properties you can not afford.
  2. Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.
  3. Helps you close quickly, since your loan is already approved.

Shop loan programs and rates
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To shop for a loan you will need to:

  1. Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.
  2. Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.
  3. Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each of which has different rates, points and fees, it’s hard to figure out which program is best for you. That’s where an experienced loan officer can help you make a decision that’s best for you.

Obtain loan approval 
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Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:

  1. Credit history
  2. Employment history
  3. Assets including your bank accounts, stocks, mutual fund and retirement accounts
  4. Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:

  • Fill out the loan application completely.
  • Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
  • Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.
  • Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
  • Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.

Close the loan
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After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public. Be prepared to:

  • Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted.
  • Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.
  • Sign the loan documents.

Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.

Featured Properties

199 LINE ROAD $2,650,000

199 LINE ROAD MALVERN, Pennsylvania

5 Beds 5 Baths 3,267 Sq Ft 7.300 Acres

452 BOXWOOD ROAD $2,595,000

452 BOXWOOD ROAD BRYN MAWR, Pennsylvania

5 Beds 6 Baths 5,147 Sq Ft 1.390 Acres

101 HARVARD LANE $1,599,990

101 HARVARD LANE BRYN MAWR, Pennsylvania

4 Beds 6 Baths 4,675 Sq Ft 0.500 Acres

372 HOMESTEAD ROAD $1,595,000

372 HOMESTEAD ROAD WAYNE, Pennsylvania

6 Beds 4 Baths 3,597 Sq Ft 1.500 Acres

410 WOODLAND AVENUE $1,375,000

410 WOODLAND AVENUE WAYNE, Pennsylvania

4 Beds 3 Baths 0 Sq Ft 0.440 Acres

354 SPRAGUE ROAD $1,250,000

354 SPRAGUE ROAD PENN VALLEY, Pennsylvania

4 Beds 5 Baths 4,656 Sq Ft 0.910 Acres

779 GULPH ROAD $875,000

779 GULPH ROAD WAYNE, Pennsylvania

4 Beds 3 Baths 3,219 Sq Ft 0.460 Acres

20 OLD FARM LANE $865,000

20 OLD FARM LANE MALVERN, Pennsylvania

5 Beds 4 Baths 3,984 Sq Ft 2.300 Acres

918 ETHAN ALLEN ROAD $860,321

918 ETHAN ALLEN ROAD BERWYN, Pennsylvania

4 Beds 3 Baths 2,750 Sq Ft 1.200 Acres

425 N BELLEVUE AVENUE $775,000

425 N BELLEVUE AVENUE WAYNE, Pennsylvania

4 Beds 4 Baths 2,583 Sq Ft 0.300 Acres

524 OAK ROAD $750,000

524 OAK ROAD MERION STATION, Pennsylvania

4 Beds 3 Baths 2,540 Sq Ft 0.180 Acres

50 CHARWYNN LANE $750,000

50 CHARWYNN LANE MALVERN, Pennsylvania

4 Beds 4 Baths 0 Sq Ft 3 Acres

214 IRON WORKS WAY $674,900

214 IRON WORKS WAY WAYNE, Pennsylvania

2 Beds 3 Baths 1,892 Sq Ft 0.040 Acres

773 TWIN BRIDGE ROAD $649,900

773 TWIN BRIDGE ROAD WAYNE, Pennsylvania

4 Beds 3 Baths 2,552 Sq Ft 0.690 Acres

30 ASHLAWN CIRCLE $600,000

30 ASHLAWN CIRCLE MALVERN, Pennsylvania

4 Beds 3 Baths 3,025 Sq Ft 1 Acres

Property Search

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Gladwyne
Lower Merion
Radnor
Tredyffrin
Wayne
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Easttown
Haverford
Narberth
Rosemont
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About

“Your Philadelphia Main Line Real Estate Agent”
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Client Reviews

Mary Beth- Where do I begin? She is a sweet, hard working and determined realtor that you want representing you. We were searching for a home in the Main Line area for several months using another realtor. Days, months and even a year went by and we were unsuccessful. It wasn’t until we started working

We recently needed to relocate to the Philadelphia area without much knowledge about where we wanted to live or should be looking. Thankfully we got in touch with Mary Beth. She was a huge help and really great to work with. She’s extremely knowledgeable about the area and really helped us narrow down our search.

Mary Beth and Eliot were fantastic when they represented us in the sale of our home. They were quick to respond to our calls and questions, and they put us at ease when the market didn’t behave exactly as we preferred! In the beginning of the process, they were very helpful in the staging of

We used Mary Beth Hurtado in the recent purchase our of home in Bala Cynwyd. Not only did she find us the perfect house in the right neighborhood, she helped us get it at a great price. She has a great feel for people, and tremedous knowledge and experience that make her a top-notch realtor

Mary Beth Hurtado was patient, diligent, readily available, experienced, and knowledgeable. She lives and works on the Main Line and thus is extremely versed on the Main Line properties and real estate culture. She was a great balance between being aggressive and attentive but not too pushy. She listened to us and got to know

Contact Mary Beth

Office: (610) 608-3119
Fax: (610) 717-3282
610 Old Lancaster Rd
Bryn Mawr, PA 19010

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