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(Click link going to the info below)
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Documents
needed to get started
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Two years W-2 &
current MONTH’S pay stubs
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Last 12 months mortgage or rental
history (cancelled checks)
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Two years employment information
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Contract of sale & legal description,
down payment check
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Last three months bank statement
with open loans, addresses, account #’s, balance
and monthly payment
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Real Estate owned loan #, addresses,
balance and monthly payment
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Self-employ or MORE than 25%
income from bonus or overtime:
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last two year’s tax returns
with all schedules and YTD P&L
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S.S. Number
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Check for credit report and appraisal |
Loan
Types
Fixed rate mortgages
Mortgage stay fixed for the same full
length of the loan (5, 10,15, 20, 25, 30 or 40 years), there is no
risk of interest rate increases.
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Adjustable rate mortgage
- ARM
10/1 ARM
Monthly fixed payments for the first 10 years, and then an
annually adjustable interest rate for the remaining 20 years.
7/1 ARM
Monthly fixed payments for the first 7 years, and then an
annually adjustable interest rate for the remaining 23 years.
5/1 ARM
Monthly fixed payments for the first 5 years, and then an
annually adjustable interest rate for the remaining 25 years.
3/1 ARM
Monthly fixed payments for the first 3 years, and then an
annually adjustable interest rate for the remaining 27 years.
1 year ARM
A 30 year loan with an interest rate and monthly payments
that adjust annually.
6 month ARM
A 30 year loan with an interest rate and monthly payments
that adjust every 6 months.
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Federal Housing Administration
- FHA Mortgage
Low down payment, about 3% of the loan amount. Ask your Loan
Officer what are the FHA limits for your area. To be eligible
you must plan to live in the home that you purchase.
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VA mortgage
A low-cost loan for U.S. veterans that is partially guaranteed
by the Department of Veterans Affairs (VA).
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Get Pre-Approved Now
Pre-Approval
Our Pre-Approval Certificate gives you
the confidence you need to make an offer. This means you have
been qualified for a homeloan for a specific amount - even
before you have chosen a house. So when you start house shopping,
you’ll know exactly how much home you can afford. Call
1-800-826-BANK now to get Pre-Approved.
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