| Property Location |
Indicate the state in which your property is located. |
| Property Value |
Indicate your estimation of the value of your property. This is critical as it establishes your “loan-to-value” ratio which in turn affects the interest rate of your mortgage. |
| Loan Amount |
This represents the maximum loan amount you are seeking. |
| Loan Purpose |
Your options include: Purchase, Rate and Term refinance (no cash is coming back to you at closing), Cash Out refinance (you are expecting to receive funds back at closing) and Home Equity (this is a second mortgage over and above any current loans you may have against your property). |
| Days to Closing |
State how many days until you are expecting to finalize your transaction closest to 30 or 60 days. |
| Rate Your Credit |
Excellent credit would be equal to a FICO score of 740+. Good is equal to a FICO score of 680-739. Fair is a FICO of 660-679. Poor is 620-659. |
| Number of Units |
A single family home whether detached or attached would be one unit. Purchasing both sides of a duplex would be 2 units, etc. |
| Occupancy |
Owner occupied means you intend to use this home as your primary residence. Non-owner occupied would be a rental for investment. A second home would be a vacation home. |
| Waive Escrow |
Real estate taxes and homeowners insurance are usually included in your mortgage payments. With at least 20% equity, you can elect to pay your taxes and homeowners insurance separately. However, there is generally a one-time charge of ¼ of 1% to “opt out” of including your escrows with your mortgage payment. |
| Points Paid |
A point is 1% of your mortgage. Points are pre-paid interest charges that “buy down” your interest rate. The more points you pay up front, the lower your permanent rate will be. |
| Loan Programs |
Fixed rate loans are conventional mortgages requiring a minimum of 3% down. Generally these loans have higher credit, income and asset standards. Having less than 20% down will require the addition of Private Mortgage Insurance.
FHA loans are insured by the U.S. Government allowing lenders to offer more liberal terms including a down payment of less than 3% (which can be from a gift from a relative or non-profit agency), an assumable feature and more forgiving credit, income and asset requirements.
VA loans are a benefit veterans receive for serving our country. These loans are guaranteed by the U.S. Government providing for easiest qualifying features including 100% financing for eligible veterans.
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