Whether you buy Sanibel Island real estate or simply want to refinance your current mortgage the process is virtually the same and it doesn’t need to be difficult. Just being aware of what is needed and expected can make the entire process a worry free experience. Most banks and mortgage brokers will have a prepared application package ready for you pick up. This package will contain not only the required forms but a checklist of supporting documents that the lender will require. The first form usually is the standard loan application, more commonly referred to as the 1003. This is the heart of the loan application. This form will give the lender all of your personal information such as name, address, telephone numbers, social security numbers, employment history, income and expenses. Although in the past there were lenders that would accept almost anything that was put on the 1003, recently lenders require strict documentation to back up almost every section on the application. You most likely will need to verify two years of personal income. This can be done with a standard verification of employment form that your employer will fill out and mail directly to the lender. If you are self employed or have income that is difficult to verify you will likely need to produce two years of the most recent IRS returns to serve as verification. You will also need to produce the two most recent monthly bank and brokerage statements to show where the down payment is coming from and to verify your liquid assets. Keep in mind, any large deposits in or out will need to be explained in detail. This is to prevent an undisclosed loan that may be used as part of the down payment. Just remember, all information that you put on the mortgage loan application is subject to verification and if the lender is insured by the FDIC or similar government agency (which most are) it can be a Federal crime to falsify information with possible severe penalties. After you provide your personal information will need to provide information about the property you are buying. This can be done with a copy of the purchase agreement that has been signed by all parties and contains all pages and addendums. If you provide only partial pages or unsigned copies this will only serve to slow down the process. Once you submit the above documentation the lender will arrange for an appraiser to inspect the property and submit a written estimate of value to the lender. You may also want to have a private home inspection conducted to point out any flaws or conditions to the home that you may not be aware of. You will also want to contact an insurance agency to get an estimate of the cost of fire, wind and flood insurance. Be sure to get at least two estimates as different agents write for different companies and depending on circumstances these estimates can vary widely. In this area, the seller usually pays for the owner’s title insurance policy. Get the name of the title company or attorney that will provide this policy. Ask them for the certification that is required on the survey and then order the survey accordingly. Again, getting the right information before ordering the survey will speed up the process by not having to go back a second time and ask for additional endorsements. When you write your offer to buy give yourself at least 30 days from acceptance to close. Although the procedure may not take this long 30 to 45 days is more of the standard. It’s better to give yourself a little more time to complete the process and still be within your closing time frame.