Information needed at Loan Application
- W-2 (2-years) & Current Pay Stubs, Self-Employment or 1099 - Last 2 years tax returns
- Landlord name/ Telephone - Last 2 years
- Employer name/ Address/ Telephone - Last 2 years
- Asset Information
Past 2 month's statements where your funds to close Escrow are
- Information on Stocks/ Bonds/401K, etc.
- Name and telephone number of Realtor
- Name and telephone number of Escrow
NOTE: The above is for fully documented loans. Reduced documentation and stated income loan requirements vary. Please contact me for complete details.
The Home Loan Process
- Pre-qualification/ Pre-approval (Credit Report Run)
- Formal Loan Application Taken
- Escrow and Title Ordered
- Appraisal Ordered
- Income and Asset Information Verified
- Complete Loan Package Submitted To Underwriter
- Loan Approved
- Obtain and Forward to Underwriter any additional items that may be required
- Interest Rate Locked
- Loan Documents Ordered and Sent To Escrow
- Loan Documents Signed by Borrower(s)
- Final Pre-Closing Conditions Sent To Lender
- Loan Funds Wired to Title
- Loan and Grant Deed Record, Close of Escrow
Predicting Your Monthly Payment
Your monthly payment (PITI) is the sum of four items - the principal on the loan (P), the interest on the loan (I), property taxes (T), and homeowner's insurance (I). To predict your monthly payment for a 30 year fixed rate loan, use the following table to determine the principal and interest part of the payment. Simply divide the loan amount by 1,000 and then multiply that figure by the appropriate interest rate factor from the table below. To that sum add 1/12th the amount of your yearly taxes and 1/12th the amount of your yearly insurance premium. This will give you your PITI payment.
For example: If your mortgage loan amount is $150,000, your interest rate is 7.0% you would multiply 150 by 6.65 resulting in a value of $997.50. Add your monthly insurance premium (approximately $25 - $75 per month) and your property tax (approximately your purchase price x 1.25% /12) to your principal and interest. This is your estimated monthly payment.