Our Loan Products
Finding a mortgage loan that is right for you should be easy. But there are often many different programs to choose from, as well as a myriad of ways to structure the loan in terms of the amount, term, payment, rate, closing costs…the list of options may seem endless.
The first step in determining which program is right for you is to ask yourself the important questions listed below. These questions can also help you confirm that you have chosen the right mortgage for your needs.
- How long do you anticipate living in your home? If you think you will only stay in the home for a short time (less than 5 years), maybe an Adjustable Rate Mortgage that has a fixed term would be best. However, if you are unsure, or think you will remain in the home indefinitely, then a fixed rate loan should be your choice.
- Do you expect any changes over the next few years, such as expanding your family or having children go off to college? If these viable possibilities, then a fixed rate mortgage should be considered. This way you know exactly what your payments will be and you can budget accordingly.
- Are you 62 or older and your retirement income isn’t enough to live on? Then a reverse mortgage may be right for you.
- Are you thinking about buying a home that is need of repairs, or decided to stay in your current home and make some repairs or add on the home? Then a renovation loan may be right for you.
With a little preparation, you can save a lot of time and hassle by having all your documents ready when we need then.
To start with, we will need personal information to verify employment as well as information regarding your debts and assets.
Once you have completed the Loan Application, start gathering the following items:
- Most recent pay stubs for one month
- W-2′s for the last 2 years
- Signed copies of your last two years tax returns, including all schedules that were filed – If you are self-employed, have rental income, receive commission or bonus income or are using interest or dividend income to qualify.
- Most recent two months bank statements for all checking, savings, 401k’s, Mutual Funds, etc. – all pages of statement
- Copies of your drivers license and social security card to verify your identity
- Copies of any award letters for social security or pension income
- Copy of the purchase agreement (only for purchase transactions)
- Copy of your homeowners insurance (only for refinances)
- Copy of your current Mortgage Note (s) (only for refinances)
- Lease Agreements – if you own rental property that was not declared on prior years tax returns