- 10, 15, 20 and 30 year fixed rates available
- Up to 97% loan to value with PMI (Private Mortgage Insurance)
Mortgage Loan Definitions:
Real Estate Loan - A loan transaction that places a lien against real property for the purpose of borrowing money.
Lien - A legal claim against a property that must be paid off when the property is sold.
Equity - The difference between the value of a home and the outstanding loan balance on the home.
Mortgage - A legal document that pledges a property to the lender as security for payment of a debt.
Principal - The portion of the monthly morgage payment that is used to reduce the loan balance.
Interest - The monthy cost to borrow money.
Loan to Value (LTV) - A percentage which is a result of the loan amount divided by the value of the property.
PMI - Private Mortgage Insurance for loans that exceed 80% LTV, a conventional lender is required to add PMI to insure the loan amount against a loss. The cost of this insurance is usually paid by the borrower.
Discount Points - Fees collected by a lender in exchange for a lower interest rate. One point is equal to 1% of the loan.
What you need to complete the application process:
- Most recent paystub(s) reflecting at least 30 days of income for all jobs.
- Most recent 2 year's W-2's for all jobs.
- Complete, signed copies of last two years filed IRS returns with all schedules (not California return)
- Award letters for all social security, retirement, and permanent disability income.
- If alimony or child support income is being used to qualify, a complete copy of the court order.
- Last two month's complete statements (all pages) for all banking accounts.
- Most recent monthly or quarterly statements for all investment accounts and annuities.
- Most recent mortgage statments (if refinancing).
- Current homeowner's insurance declarations page showing all coverages and deductibles (if refinancing).
- Complete copy of purchase contract with all counter-offers and addenda (if a purchase)