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RESOURCES FOR YOU
Property-Related
- Copy of your signed contract including any riders
- Verified document showing the deposit you made on the home, if any
- Contact information for real estate agents, attorneys and other professional parties involved in the sale
- Copy of the property listing sheet and any survey information or other legal description
Income-Related
- Copies of your two most recent pay-stubs as well as a year-to-date statement of earnings if available
- Copies of your W-2 forms for the preceding two years (self-employed: full tax returns required)
- Contact information for employers during the past two years
- Green card or work visa if applicable
- Also be ready to explain any periods of time during the past two years when you were not employed
- Information about alimony, child support, Social Security or disability income your receive
Source of Funds and Down Payment
- Copy of signed contract for current home if proceeds are being used for purchase of new home
- Savings, checking and money market statements for past three months
- Copies of brokerage statements showing stocks and bonds owned
- For gifts, provide a gift affidavit and a receipt of your gift
Existing Debts
- List of contact information for credit card companies, banks or other lenders or entities with which you have loans, as well as account numbers, existing balances and monthly payments
- Copies of last three monthly statements for each debt account
- List of contact information for mortgage holders and/or landlords from past two years, as well as account numbers, existing balances and monthly payments
- Copies of child support and/or alimony orders
*This list is not intended to be complete; your lender may require additional documentation. Being cooperative and prompt in supplying additional documents will help speed your application process along.
What is an appraisal?
An appraisal is an estimate of the fair market value of a property, typically supplied by a licensed appraiser trained in property valuation. Most lenders require an appraisal to be supplied during the lending process to determine how much it’s willing to lend.
What is private mortgage insurance?
When your down payment is under 20% of your home’s purchase price, you may be required to pay private mortgage insurance, or PMI, each month to help guarantee your loan and protect the lender in case of default. Not all loans require PMI, while others require you to pay a year’s worth of PMI at closing.
When should I refinance?
If you’re refinancing to lock in a lower rate, the rule of thumb is to refinance when the rate is 2% lower than your current rate; however, some experts say even a difference of 1% is worthwhile, depending on the number of years remaining on your loan and the length of time you plan to stay in your home.
What is a FHA loan?
These are loans that are insured by the Federal Housing Administration (FHA). In a nutshell, the FHA provides insurance to lenders in case a buyer defaults on a loan. Different types of FHA loans offer different advantages and benefits.
What is a VA loan?
VA loans are made to veterans and active service members. The loans are insured by the Veterans’ Administration, which means lenders will be provided some protection in case the borrower defaults.
What is a credit report?
It’s a report that contains a comprehensive history of your credit, including home and car loans, credit card accounts and other accounts. Your report will include information about the balances of existing loans as well as your monthly payments and your payment history, including any delinquencies in payments. Lenders use your credit report to help determine if you’re a good risk for a mortgage.
Do I have the right to know what’s on my credit report?
Yes. In fact, you can request a free annual report from the three major credit bureaus every 12 months by visiting this site: https://www.annualcreditreport.com/index.action.
How Much Will My Payments Be?
Calculate your monthly payment with applicable financial charges, PMI, hazard insurance, and property taxes. Proceed to calculator
Mortgage Principal Calculator
This calculator allow you to “peek into the future”, allowing you to see the remaining balance of your mortgage after several months or years of payments. Proceed to calculator
Mortgage Length Calculator
This calculator will help you to determine your savings if you make larger monthly payments. Proceed to calculator
What if I Pay More Every Month?
See how your mortgage will be reduced, if you pay $$$ more every month. Proceed to calculator
Payment per Thousand Financed
Have you ever wondered how much you pay for every $1,000 of your mortgage loan? Find out here! Proceed to calculator
What is The Real APR for That Loan?
This calculator estimates your real APR (Annual Percentage Rate) with points. Proceed to calculator
Affordability Calculator
How much you can borrow from a lender? Use this calculator to calculate the amount you can afford from the lender’s point of view. Proceed to calculator
Tax Benefits Calculator
This calculator will calculate your tax savings after a house purchase. Financial analysis includes first year as well as total tax savings. Proceed to calculator
Should I Refinance?
Is your old APR (Annual Percentage Rate) too high? Estimate the benefits of refinancing using this calculator. Proceed to calculator
Should I Pay Points to Lower My Interest Rate?
Calculate how much points affect your monthly payments and how fast they will pay for themselves. Proceed to calculator
Should I use HELOC to Lower My Debt Payments?
Learn how you can cut current monthly debt payments using money from your Home Equity Line Of Credit (HELOC.) Proceed to calculator
How Much Income do I Need in Order to Qualify?
Do you need to know how much money you must earn to purchase the house of your dreams? This calculator will help you figure it out. Proceed to calculator
What is Better: take a Second Loan or Pay PMI?
Don’t miss an opportunity: Slash your PMI payments to zero! Take a second mortgage! Proceed to calculator
Interest-Only Calculator
Housing market moving up too fast? Figure out how much you can afford with an interests only mortgage loan. Proceed to calculator
Interest-Only with Additional Payments Calculator
Interest-Only loans can drastically cut your mortgage payments, but what if you want to pay something toward your principal? Figure this out here. Proceed to calculator
Canadian Mortgage Calculator
This calculator computes your monthly payment based on your input – conventional mortgage financing compounded semi-annually. It is also calculating required annual income, which every Canadian homebuyer need to have. Proceed to calculator
Which Loan is Better?
Can’t decide which loan offer is better? Input your numbers here and lock-in the best offer. Proceed to calculator
Standard vs. Bi-Weekly
You heard that bi-weekly payments can significantly decrease the time of mortgage payoff? Check it out with this calculator. Proceed to calculator
Rent vs. Buy
Still renting an apartment and thinking about a home purchase? This calculator can help you make the final decision. Proceed to calculator
Paying off Credit Card Debt with Minimum Payments
This calculator is designed to show you how long it will take to pay off your credit card and how much interest you will pay if you only make the minimum monthly payment. Proceed to calculator
How Can I Payoff My Credit Card Debt Sooner?
This credit card payoff calculator will tell you how long it will take you to pay off your credit card debt with the amount you pay now, and how much you would have to pay every month to eliminate credit card debt even sooner. Proceed to calculator
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it’s applicability to your financial situation. Please consult your own financial advisor.