Why use a community bank for your Mortgage needs?
Community banks have helped nearly 70 million families become homeowners – helping them achieve the American Dream. What's nice about working with your community bank is that we can get rid of the fear factor that first time homebuyers might encounter. We can also direct you as to the mortgage loan which fits your circumstance. We will be with you throughout the entire process.
Shannon Barton, NMLS #520220
What is a Mortgage?
A mortgage is a loan structured to allow you, the borrower, to purchase a home, refinance your current home or even build a brand new home. A mortgage uses your home as collateral and establishes your repayment period. Your mortgage is considered to be one of the most important investments you will make.
Your monthly payment will consist of the following:
- Principal: The portion of the house that is financed by the bank.
- Interest: The amount that the bank will receive for lending you the money.
Where Do I Begin?
By calling Shannon or Mark today, you can get Pre-Qualified or Pre-Approved before you shop for a home.
Pre-Qualification vs. Pre-Approval
Pre-Qualification: A process in which you and the Mortgage Loan Officer discuss your financial information such as income, monthly debts, assets available, etc., to determine your borrowing power.
Pre-Approval: This process follows the same steps as Pre-Qualification; however the Mortgage Loan Officer takes it a step further and reviews your financial information documentation and requests a credit report from the reporting agency. If all of the lending parameters are met, the Mortgage Loan Officer is able to issue a Pre-Approval letter which the buyer can present to a Seller, Realtor, etc.
It may be important to know that you can be approved prior to shopping for a home.
Tips on Applying for a Mortgage Loan
Providing as much information to your Mortgage Loan Officer at the time of application will help the process of your mortgage loan request progress very smoothly. If possible, gather this information before visiting your Mortgage Loan Office. The documents that are needed at the time of application are below:
- Most recent pay check stubs—last 30 day period
- Names & addresses of each employer—past two years W2s or tax returns are required
- Gross monthly salary
- Bank statements for all checking, savings accounts—last 2 months
- Names, addresses, account numbers, monthly payments on all open loans—real estate included
- Address of other real estate owned
- Landlord addresses—past two years, if applicable.