MORTGAGES

CALCULATE YOUR QUALIFYING AMOUNT

Our easy to use mortgage loan calculator will give you an estimate of how much home you are qualified to borrow.

Give it a try and if you have any questions, e-mail or telephone us and we'll walk you through the qualifying process. We can help.

JUST TYPE IN YOUR ANNUAL INCOME AND PRESS THE CALCULATE BUTTON THE CALCULATOR WILL DO THE REST.

Enter Yearly Gross Income:	$
Approximate Conventional Pricing Range:	$
Approximate FHA Pricing Range:	$
Approximate VA Pricing Range:	$

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APPLICATION/PROCEDURES

When you apply for a mortgage loan, you will be asked for a lot of information about your present and recent past financial history. Your lender must establish that you have and will continue to have the ability to repay the loan of many thousands of dollars. Of course, the loan will be secured with a lien on the deed and if you default, the lender can foreclose, but lenders do not want to foreclose. They want to lend money and be repaid. So, you will have to make the lender understand your financial profile clearly.

As a part of the loan approval process, the lender will require certain documentation to verify information provided on the loan application. The following documents are generally sufficient to process a loan.

• Past two years W-2 Forms
• Current address
• Employment addresses
• Recent bank statements
• Name and address of current creditors
• Social Security numbers
• Certificate of Eligibility for VA buyers

If you are a self employed borrower, you will need to provide two years income tax returns.

Often borrowers are apprehensive about the loan process. Our real estate agents, your buyer's agent, will be with you every step of the way. We'll help.

Once the loan application is made, the process is very fast. In this electronic age, lenders can obtain credit information in minutes and the documentation you have provided is usually sufficient to obtain loan approval with the condition that the home you select will appraise for the purchase price. Some lenders will have to verify certain information by telephone or mail, but the process is becoming more streamlined daily.

Appraisal

Your lender will order an appraisal of the home you have selected to buy. The appraisers job is to determine the value of the property. Appraisers are hired by lenders to make sure the contract price is not more than the property value. Appraisers protect you by making sure you don't pay more than the property is worth.

Occasionally, an appraiser will, after observing a property, require certain repairs to be made to a property so that the home you have selected to buy is in acceptable condition for occupancy.

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