& Trust Services
Mortgage Loan Process
Get Prequalified! Click here to start your application process online!
Depending on the mortgage plan selected, you may be asked to provide certain documents. Having these items readily available may make the mortgage process smoother.
- Copy of Purchase & Sale Agreement, or if refinancing, copy of Mortgage Statement.
- Two-year residence history.
- Two-year history of employment and verification of all income sources.
- If self-employed, copies of past two years' federal income tax returns.
- Information about deposit accounts including checking, savings, IRA and 401K.
- Name, account number and outstanding balance of each of your debts.
- Information regarding assets that will be used as funds to close on the home.
Many borrowers take advantage of shopping for a loan before they shop for a home. Prequalification is a confirmation that the borrower has already been reviewed by the lender.
- Getting prequalified for a home tells you how much home you can afford and makes the application process quick and easy.
- To get prequalified, you must provide the following information:
- Social Security Number
- Phone Number
- Monthly Income
Our Mortgage Specialists understand that everyone has individual mortgage needs. They will do everything possible to make your dream of home ownership a reality. Below is a list of factors lenders look at when deciding on a loan.
- Debt-to-Income Ratio - The amount of your monthly debt payments divided by your total monthly income. There are many different programs which vary in their requirements regarding the debt to income ratios. Several factors tied to income and credit will be used to decide which program is best for you.
- Income Stability - Considers the term of your current employment and previous employment history
- Credit History - Information provided by the credit bureau which shows your payment history.
- Loan-to-Value (LTV) - The ratio of the loan amount divided by the value of the home. For example, if your loan amount is $90,000 and the value of the home is $100,000, then $90,000/$100,000 = 90% LTV.
- Appraisal - The valuation of a property using several comparisons of similar properties as determined by an appraisal company.