The following information is usually required during the loan process:
- Social Security number
- Current pay stubs or, if self employed, your tax returns for the past two years
- Bank statements for the past two months
- Investment account statements for the past two months
- Life insurance policy
- Retirement account statements for the past two months
- Credit card account information
- Auto loan account information
- Personal loan account information
If you currently own real estate:
- Mortgage account information
- Home insurance policy information
- Home equity account information (if applicable)
Calculators
Our calculators are here to help you plan for your home buying journey.
Payment/Amortization
Calculate your monthly payment and see how
the principal is paid over time.
Rent vs. Own
Calculate the difference between
renting and buying a home.
Debt Consolidation
Find out if consolidating debt through your mortgage is a viable option.
Prepayment Savings
Find out how your prepayments can help you save in the long run.
Do's & Dont's
Throughout the loan process there are things you can do and things you can avoid that will make everything run smoother. Let us show you how we make “Closing Simplified.”
Do's
- Provide all requested financial documentation within 24 hrs
- Disclose all of your income that you would like considered for qualifying purposes
- Disclose all of your debts (i.e. side business, alimony, child support, additional real estate owned, etc.)
- Be upfront about your credit (good, bad, or otherwise)
- Pay all of your bills on time (mortgage, rent, car payments, credit cards, etc.)
- Continue to use your credit card as you normally would, but not excessively
- Make your spouse available to sign at closing if purchasing a primary residence
- Keep in communication with your Loan Originator or Loan Partner
Dont's
- Change or quit your job
- Apply for New Credit or Loans of any kind
- Pay off debts, collections or charge-offs (unless advised to do so by your Loan Originator)
- Move
- Co-sign or become a co-borrower on any other loan
- Make major changes to your asset structure
- Make any cash deposits into your bank accounts
Frequently Asked Questions
If you don’t find the answer that you are looking for, just contact us and we’ll get you the right answers.
Being pre-qualified is based on your provided information, which will then give you an estimate on the amount that you are able to borrow. A Pre-approval means that your information is evaluated thoroughly. It is a closer estimation of how much you will be approved for.
You, and your co-borrower, if applicable, will need the following documents when applying for a loan:
- Social security number
- Two years proof of employment (if self-employed, please provide most recent two years business tax returns and current YTD profit/loss statements as well as balance sheets)
- Two most recent paystubs
- Two most recent years of tax documents (w-2 statements and tax returns)
- Bank account information (two most recent months of asset statements-checking, savings, retirement, etc.)
- Credit information (provide details of any new accounts or accounts not currently reporting on your credit report such as monthly expenses (housing, etc.)
There are many factors that could impact the type of loan you qualify for. You could reach out to your local loan originator to find out what loan you qualify for. If you need more information on the various types of loans, please view our Loan Programs page.
An appraisal is the process of having a licensed and trained individual report on the worth of a home. This individual is completely unbiased and will be able to provide the lender, buyer and seller an accurate value of the home. Having an appraisal done on the home establishes protection for all parties involved. They will determine if repairs are needed, if the price is fair in comparison to other homes within the area, and a detailed report calculating the true value of the home.
An interest rate is the amount it will cost you to borrow the principal loan amount. It could either be a variable or fixed amount and will always be expressed in percentage form. An APR measures a mortgage and includes the interest rate plus discount points, closing costs and broker fees. APR’s are expressed in percentage form.
Closing costs include:
- Loan origination fees
- Appraisal fees
- Discount points
- Title insurance
- Taxes
- Surveys
- Credit report charges
- Deed-recording fees
- Title searches
Refinancing is when you replace your current loan with a new loan. This new loan should include improved terms and features than the prior loan. If your current loan is too expensive or risky, then you should look into refinancing. Typically, refinancing is beneficial because you can: Save money Lower your payments Shorten your loan term Change your loan type Consolidate your debts Pay off a Loan with a Due-date or balloon payment.
Yes, you can qualify for a mortgage as long as the seasoning requirements for the specific loan type have been met. This is something you can discuss with your Loan Originator in detail.