A home purchase may be your largest financial transaction to date, so it’s important to make the right decisions and to keep an eye on the details. With the assistance of your Loan Officer, it should be an efficient, pleasant, and ultimately rewarding experience. Use our mortgage payment calculator to help you determine the best option for your budget (Calculator results are only estimates… your actual monthly payment may vary).
Types of Loans
FHA: Generally only requires a down-payment of 3.5%, and includes a lower than market interest rate. See your loan officer for qualifying details.
Fixed-Rate: Most mortgages are for fifteen, twenty, or thirty years with an interest rate that’s fixed over the life of the loan. Payments on fifteen- and twenty-year loans are somewhat higher than those on traditional thirty-year loans.
Adjustable-Rate: The interest rates on adjustable-rate mortgages (ARMs) vary. They often start out as much as 1.5 to 2 percentage points lower than the prevailing market rates and increase or decrease at predetermined intervals. The amount of increase or decrease depends on whether they’re tied to Treasury bills, CD rates, or some other financial index. The rate is fixed for a certain period (between six months and five years) and then adjusted periodically.
The following information is usually required during the loan process:
- Your Social Security number
- Current pay stubs or, if self employed, your tax returns for the past two years
- Bank statements for the past two months
- Investment account statements for the past two months
- Life insurance policy
- Retirement account statements for the past two months
- Make and model of vehicles you own and their resale value
- Credit card account information
- Auto loan account information
- Personal loan account information
If you currently own Real Estate:
- Mortgage account information
- Home insurance policy information
- Home equity account information (if applicable)