Main Content

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.

Success Stories

"Our family sold a fairly large parcel of farmland in Stevens County, Minnesota. It was a complicated property with different land characteristics and an existing CRP contract. We were very pleased with Jesse's representation. He had a lot of expertise and guided us through the different dynamics and options for selling the property. We highly recommend him." Jim J. and Karen H.
"Thank you for all you have done helping us sell our home, Sonia. It was a pleasure working with you! Best of luck in your future, you are an excellent realtor!" Mervin and Carole S.
"Sonia, Thank you so much for all you have done for us while we searched for the perfect home, with you we found it! We will refer you to everyone we know that is looking for a new home!" Jon and Missy R.
"Sonia, Thank you so much for the amazing job you did helping us find a home. You were very patient and listened to what we were looking for !" Mark and Karla H
"I was very satisfied with Sherry’s performance as my Realtor, everything was great on her behalf. Thanks again, Sherry!" Bob M.
"Jesse was our real estate agent when we decided to sell our home. He came to our first appointment well prepared with area statistics on houses for sale, houses similar to ours and helped us easily come up with a selling price. Jesse was able to answer all our questions with accurate information. He listed our house on a Thursday morning and had the first showing two days later. This showing resulted in the sale" Shawn and Holly Rodahl Benson, MN
"The synopsis of our experience is that we, either as individuals, or as a family would recommend and/or hire Jesse Hughes a heartbeat. He’s that good, and your experience with him will be top shelf from start to finish and beyond. He’s earned a glowing review from us and here is how; After the passing of our parents, we 5 siblings were beyond fortunate, and inherited the family farm, the “home place” if you will," Eileen F, Maxine B, Maureen B, Clif P, & Joyce S.
"To whom it may concern: I contacted Hughes Real Estate/ Jesse Hughes regarding WRP/RIM land I wanted to sell. Mr. Hughes was very prompt in returning my call and set up an appointment to meet with me. I was very pleased with his knowledge regarding the WRP/RIM property. He was professional and courteous. I listed the property with him and we got the property sold." Larry A. Maiers
"I am glad to give you an honest referral as it relates to you selling my 141 hunting acres. I found you to be highly motivated in finding a buyer for my property, and once we had an offer you were always on top of the paperwork and made sure we had a quick and thorough closing…with NO SURPRISES! As a Sales Training Consultant my entire life, I didn’t miss your sincere appreciation after the" Larry J.
"We heard about Hughes Real Estate, from my wife’s cousin that used them to sell their 80 acre farm. Jesse suggested splitting the land into two parcels and selling the farm land and the CRP for hunting separately. This worked out very well for all parties. My sister and I had a conference call with Jesse and he impressed us very much and we gave him the listing. My sister was in real estate for" Les Stein