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1. Pre-Qualification
Before you apply for a mortgage or refinance your
home, you need to know your:
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Current monthly income
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Current monthly expenditures
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Desired monthly mortgage payment
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Anticipated sale price or home value at
purchase price
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Anticipated down payment amount
This information makes it much easier to figure
out how much you can borrow and how much house you can afford.
We offer a free online pre-qualification service that does this
for you, and provides you a letter estimating your eligible
borrowing amount.
Whether you are seeking pre-approval or have
agreed on a purchase price for your new home, you need to
"prove" your eligibility for a mortgage. Mortgage lenders
typically consider the following factors in determining your
borrowing eligibility:
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Income
You typically need to prove both your monthly income and
income-earning history.
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Expenditures
Both your current and projected monthly obligations
are compared to your monthly income.
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Credit History
By clearly understanding your financial history, lenders can
judge the likelihood that you will handle your mortgage
obligation responsibly.
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Down Payment Size
Some loan programs only require a small or no down payment.
The following income and employment information
is generally required as part of the loan process:
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Current pay stubs showing year-to-date income
for 30 days
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W-2 Forms from the previous year
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Federal tax returns from the previous two
years if self employed
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Documents showing other sources of income
which could include second jobs, overtime, commissions and
bonuses, interest or dividend income, Social Security
payments, VA and retirement benefits, alimony, and child
support
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Bank account statements spanning the most
recent two-month time period (all pages).
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Investment information—including mutual fund
statements, real estate and records of any other investments
or assets
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Other loans (auto, student, etc.) information
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Rental information (if applicable)—landlord's
name, address, and telephone number.
2. Obtaining a Loan – Types of loans
Note that one of the most important decisions
you'll make about investing for your future is the right
financing plan for your home. That's why we offer a variety of
programs to suit your purchase or refinance needs. Here are a
few of the categories of programs we offer:
3. Secure Your Rate
You can secure the rate for specific period of
time. The most popular locks are 30 or 60 days.
4. Loan Approval
When the lender reviews the loan paperwork and
approves it, the loan is secured/approved.
5. The Closing
When the loan is approved, the closing date is
set up. At the closing you will have to sign legal
documents.
Congratulations, you own a new home!!!
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