FAQ's and Tips

Why Pre-Approval?

• Know your BUYING Power
• Strengthens your BARGAINING position with seller

• Saves Valuable TIME
• Indicates you are a SERIOUS buyer
• Eliminates STRESS of qualifying after contract

What Will I Need to Bring?

Salaried Borrowers

• 2 years W-2’s
• Current pay stub(s) covering 1 full month
  

 Self-Employed Borrowers

• 2 years tax returns (Personal & Business)

All Borrowers

• 2 months checking & savings statements
• Verification of two years’ residency
• Current Mortgage Company’s monthly statement or Promissory Note. If renting, current Landlord’s name, address and phone number.

• If applicable, divorce decree, if alimony or child support will be used as income or as a debt
• Most current statements on all asset accounts; including retirement, 401K and brokerage
• Legible copy of the sales contract signed by all parties
• Name and address of employer(s) for the past 2 years
• If selling present home, a copy of accepted sales contract will be required. Evidence of sale will be required prior to loan closing
• Social Security Numbers for all Borrowers
• Copy of driver’s license for all borrowers

Let Us Help You Buy a Home

It's not too soon to start thinking about a mortgage for your next home. We can help you find the mortgage that fits your needs.

Frequently Asked Questions About Your Home's Equity

More homeowners than ever before are taking advantage of the borrowing potential built into their homes. Is a home equity loan right for you, too? The following answers to some commonly asked questions can help you determine if your home could fulfill your loan needs.

Q. How does a home equity loan differ from other types of loans?
A. A home equity loan is secured by the available equity in your home. Unlike other loans, such as boat loans, personal loans, and credit cards, the interest paid on a home equity loan could be tax-deductible. Consult your tax advisor regarding the deductibility of interest.

Q. Are there restrictions on how the loan can be used?
A. No, home equity loans can be used for practically any reason, from purchasing new appliances or paying for orthodontia to financing a child's tuition or consolidating higher interest debt. Because your home is being used as collateral, however, you should carefully consider how you will use your loan and steer clear of frivolous spending.

Q. How do I know whether a home equity loan or a line of credit is appropriate for my needs?
A. There are features unique to each type of loan:

• Loan is available to you as a lump sum.
• Fixed annual percentage rate.
• Fixed monthly payment.
• Set term for repayment.

• Line of credit is available over the term of the loan, and is available by designated checks, telephone transfer or other means.
• Variable annual percentage rate.
• Minimum monthly payment based on outstanding balance.