How it works
What a mortgage broker does, the steps from pre-approval to closing, and the documents to gather.
The broker model
Lending Sphere, Inc. is a mortgage broker and arranges loans with third-party lenders. We don't lend our own money. Instead, we shop your loan with multiple wholesale lenders, compare the options they offer for your situation, and help you choose one. The lender you choose underwrites and funds the loan.
We work with several wholesale lenders. Depending on the loan, Lending Sphere is paid either by the lender or by the borrower, and your loan disclosures will show how we are paid.
Steps from pre-approval to closing
Talk with us
Call us or request a call. We'll ask about your goals, the property and your timeline.
Apply and get pre-approved
You complete the secure online application. With your permission, we review your credit, income and assets and, if you qualify, provide a pre-approval letter.
Compare loan options
We shop your loan with multiple wholesale lenders and go over the options with you, including costs and terms, so you can choose.
Processing and appraisal
Once you have a property under contract or decide to refinance, we submit your file to the lender. The lender orders an appraisal and may ask for more documents.
Underwriting and approval
The lender's underwriter reviews your file and issues a loan approval, often with conditions to clear before closing.
Closing
You receive your Closing Disclosure at least three business days before closing. You sign your loan documents with the escrow or title company, and the lender funds the loan.
Documents checklist
Lenders usually ask for the documents below. Your lender may ask for more or fewer, depending on your situation.
Everyone
- Government-issued photo ID
- Pay stubs for the most recent 30 days
- W-2s for the last two years
- Bank statements for the last two months, all pages
- Statements for retirement or investment accounts
If you are self-employed or have other income
- Personal federal tax returns for the last two years
- Business tax returns, or business bank statements for bank statement loans
- Documents for other income, such as Social Security, pension or rental income
If you are buying
- Signed purchase contract, once you have one
- Proof of the funds you will bring to closing
If you are refinancing
- Current mortgage statement
- Homeowners insurance declarations page
- Most recent property tax bill
VA and investment property loans
- VA loans: Certificate of Eligibility or DD-214
- Rental properties: current leases
Please don't send documents through this website or by regular email. Upload them only through the secure online application.