Applying for mortgage financing can really be difficult and complicated especially to first timers. There are a lot of things to prepare, to do and the most arduous part is the things that you should expect. Below are some of the things that you should expect when you are applying for a mortgage cash back refinance texas financing:
When Your Mortgage Financing Application is in Progress
> You should not apply for additional credit, buy cars or furniture, change or quit your job, transfer your account from one bank to another, get married or get divorced.
> Expect that the lender will request additional information from you.
> Upon the approval of your mortgage financing application, expect to receive additional questions from the underwriter.
> Expect a termite inspection once your application is approved.
> Expect a request for a cashiers check that is payable to the lending company.
You should also expect to submit the following:
> Your current pay slips or pay stub. It should be the stub for the last 30 days.
> Your bank statement for last 3 months
> Your tax returns for the last 2 years
> 1099 or W-2 forms for the last 2 years
> Copy of your social security cards and current drivers license
> Your copy of DD215 and certificate of eligibility
> The lease agreements on your rental properties
> List of creditors and bankruptcy discharge papers
> Divorce decree
> Awards letter for Social Security/retirement
> HUD-1 Settlement Statement or Deed of Trust for subject property
> Refinances survey
Expect to Provide the Following Information
> Provide all the necessary information such as your income, assets, liabilities, credit, property description as asked in the mortgage financing application form
Expect to Make Decisions
By the time you are scheduled for a loan interview, there are some questions that you have to answer and your answer to these questions will be the basis for the decisions you are to make. Below are some of them:
> Type of Mortgage
Your application for a mortgage financing may ask you to decide on the type of mortgage loan you want. Your decision may only be an ARM or an FRM.
> Mortgage Amount
This is the amount of money you would like to borrow from the bank or from the lender.
> Down Payment
There are loan programs that offer down payments and this is applicable when the borrower meets certain income standards. Deciding on the amount of down payment to pay in advance will reduce the amount of monthly mortgage you have to pay the company.
> Settlement Date
This is the time frame you specify in your contract. It is best if you could ask your lender to offer you express services that may give you the chance to have less documentation and other ways to vary all the information you have given on your application.
> Lock-in Interest rate
Your interest rates may increase anytime after you submitted your application and it’s best to decide on the lock-in interest rate to stick to the interest rate you and the lender agreed upon.
Expect To Pay the Following
> Application fee
> Appraisal fee
> Credit Report Fee
Applying for a mortgage financing may be complicated but when you have the idea on all the things to expect on your application, most probably, you can never go wrong!