Financing Your Home

Your Mid Town Realtors agent and your mortgage broker can help you with the financing process.

You can help to ensure that your home loan application is processed quickly and smoothly. Provide accurate information and be sure to include everything the home mortgage lender requests.

The Internet makes it possible for lenders to use a fully automated system to approve loans in as little as 15 minutes! This shortens the overall time it takes to close your loan to as little as 5 days.

Pre-Approval Process

Pre-approval is a real asset in the search for a new home. It lets the seller and your real estate agent know you are serious about making a purchase. You can be pre-approved within as little as 15 minutes from your submission of a completed loan application.

Be prepared – print and complete a Pre-Approved Mortgage Application

Lenders require some documentation to help them process your loan application. You will probably be asked to provide:

• Recent pay stubs (W-2 earners)
  
• Pay stubs for previous 2 years (W-2 earners)
  
• Last 2 year’s tax returns (self-employed)
  
• 1-2 months of most recent bank statements
  
• Credit Report pulled by mortgage company
  
• Appraisal of the home
  
• Title Work

Securing financing for your new home

Loan Programs

Your mortgage broker will work with you to choose the loan program that best suits your needs. You may be able to choose from an assortment of purchase or refinance options.

Purchase:

• Conventional Loan Programs
  
  • For borrowers with good credit
    
  • 100% financing available
    
  • Interest rates below government loan rates
    
• FHA/VA Loan Programs
  
  • For qualified persons
    
  • Credit history not as important
    
  • Underwriting guidelines are more lenient
    
  • More flexibility on debt ratios
    
  • Possible assumptions
    
• Construction to Permanent Loan
  
  • Loans available for individuals wanting to build a new home
    
  • Programs tailored to meet individual’s needs
    
• Investment Property Loan
  • For non-owner occupied homes
    
  • For rental property owners
    
  • Up to 90% loan to value financing available
    
• Home Equity Loans
  
  • Second mortgage on your home
    
  • Powerful tax-deductible financial tool
    
  • Shares lower interest rates and the tax advantages of mortgages

Refinance Programs – options and reasons for refinancing include:

• Rate/Term Refinance:
  
  • Lower interest rates
    
  • Lower monthly payments
    
  • Shorter term
    
  • No out-of-pocket costs
    
• Cash-Out Refinance:
  
  • Provides cash to be used at borrower’s discretion
    
  • Lower interest rates
    
  • Lower monthly payments

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