What documents should I have to expedite the mortgage loan process?

To expedite the mortgage loan process, have the following items available: Information on all assets—401(k), cash deposits, Term Certificates, etc. W2s from the last two years Signed federal tax returns for the last two years (with schedules if you are self-employed or received rental income) List of current debts to include:  credit cards, child support, auto loans, installment debt, etc. Two most recent pay stubs Most recent property tax bill (if available) Most recent mortgage loan statement Copy of your current homeowner’s insurance policy

When do my mortgage payments start?

Your first mortgage payment is usually 30 days after closing. The actual date of your first payment will be included in your closing documents.

How is the Loan-to-Value (LTV) calculated?

Is my loan-to-value (LTV) ratio less than 80%? Your LTV is the relationship between the current outstanding balance of your loan and the collateral’s value. This relationship helps us decide how much you can borrow. This can be applied to any loan type that is tied to a piece of collateral. If we are talking about home loans, for example; A HELOC is a Line Of Credit drawn on the Equity built as a home appreciates in value and is being paid down with monthly payments. You may be eligible for a line of... Read More