 What
documents do I need to apply for a Home Loan?
What is an adjustable rate mortgage (ARM)?
What is a Convertible ARM?
What is a Fixed-rate mortgage?
What is a Balloon Mortgage?
Does Bank of Bartlett have first-time home buyer
programs?
What is my down payment?
What sources can I draw from for my down payment?
What are closing costs?
How much money do I have to have left after
closing?
What is a Good Faith Estimate (GFE)?
What is an APR?
What is the difference between my interest rate
and APR?
When should I lock or float my rate?
How do I lock my interest rate?
Can my rate change during my lock-in period?
What happens if my rate expires before I close
my loan?
What are points?
Do I have a choice of points or no points and
how do I determine whether or not to pay points?
What is an Origination Fee?
What is an appraisal?
What is Title Insurance?
What is private mortgage insurance (PMI)?
What is a Subordination Agreement?
Why do I need to pay for a flood certificate?
What will my monthly payment include?
What is PITI?
What happens if I miss my closing?
What is my principal balance?
What is an escrow payment?
What if I want to waive escrows?
What is a late charge?
What is Fannie Mae?
What is HUD?
What is FHA?
What is Freddie Mac?
What is the VA?
- Copy of your sales contract with original signatures.
- Copy of your drivers license
- Name, addresses, account numbers, and phone numbers of all landlords/mortgage
companies covering the last two full years
- Employer's address, person to contact, and phone numbers necessary
to verify all jobs all borrowers have held within the last two
years
- Bring your most recent two (covering one month) pay stubs
- Proof of social security/disability income (i.e. award letter)
if applicable
- Copies of W-2's for the past year. If commissions, bonus, rental
or interest dividends are part of income, provide income tax returns
for past 2 years, signed and dated by borrower(s)
- Copy of last 2 months statements on all bank and credit union
accounts
- Most recent statement for all investments including retirement
funds, stocks, and/or bonds
- List of all outstanding loans and charge accounts, with account
number, monthly payment, and balance on each account.
- If applicable, a copy of original divorce decree, settlement
papers, and/or child support agreement if you pay or receive child
support, alimony, or separate maintenance
- For self employed persons only: a year-TO-DATE profit and loss
statement and a current balance sheet, signed and dated by a CPA
and yourself, as well as 2 years business tax returns signed and
dated by you
- A diploma or grades transcript if the borrower was a student
during the last 2 years
- VA loans require DD214 (discharge papers) and original certificate
of eligibility
- Bankruptcy petition and discharge papers if applicable within
last 7 years. Attach a letter of explanation signed and dated.
- Investors: Copy of rental/lease agreement on rental property.
Also, lenders address, accounts number, phone numbers, and monthly
payment amounts
- Check in the amount of $300.00 for appraisal and credit report..
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
A type of mortgage instrument in which the interest rate adjusts periodically
according to a predetermined index and margin. The adjustment results
in the mortgage payment either increasing or decreasing. A 1-year
ARM, for example, will have an initial interest rate for 1 year and
then adjust on the second year, and continue to adjust annually over
the life of the loan. With an ARM loan, you typically get a lower
starting rate in exchange for taking a risk that rates may rise in
the future. There is also a cap on how much the interest rate can
go up or down.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
A type of ARM that includes an option for the mortgagor to change
the mortgage to a fixed-rate mortgage in the early years of the mortgage
term.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
A Fixed-rate mortgage is a loan that has the interest rate and payment
set for the life of the loan. The benefit is that you always know
what your principal and interest costs are, which takes out the guesswork
when planning.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
A mortgage that has level monthly payments that will fully amortize
over the stated term, but which provides for a lump-sum payment to
be due at the end of an earlier specified term.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
Yes, Bank of Bartlett has numerous lending programs to help make home
ownership affordable for low- and moderate-income home buyers.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
This is the amount of money you have available to put down toward
the purchase of a home. The down payment and the loan amount make
up the purchase price of the home.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
Examples of acceptable sources for your down payment are savings accounts,
money market accounts, the sale of real estate, stock liquidation,
IRAs, 401(k), cash value of a life insurance policy, brokerage accounts,
retirement accounts and gifts.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
Money paid by the borrower (or seller) to effect the closing of a
mortgage loan. This normally includes an origination fee, title insurance,
survey attorney's fees and such prepaid items as taxes and insurance
escrow payments.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
This varies with the loan program, but most programs require 2 months
of principal and interest payments in reserve after closing your loan.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
A Good Faith Estimate (GFE) is an estimate from Bartlett Mortgage that outlines
the costs you will incur during the mortgage process. This is provided
to you when you apply for your loan.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
APR stands for the Annual Percentage Rate and is a measurement tool
used to provide a standard basis of comparison of loans offered by
competing lenders, which takes into account the loan's interest rate,
closing costs, and other fees such as points. An APR lets you see
the total cost of a loan, including fees and points over the life
of the loan, not just the interest due.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
An APR lets you see the total cost of a mortgage, including closing
fees and points over the life of the loan, not just the interest due.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
You can lock a rate anytime after we receive and review your signed
loan application, you pay your application fee and you have identified
a property. The typical lock-in period is 45 days. This means that
once you lock in the rate, you must close your loan within 45 days.
Once you lock, you cannot unlock. If you think rates may fall, don't
lock and instead float your rate. If you are unsure or adverse to
risk, it might be better to lock your rate.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
During the application process, select a rate for your specific loan,
or call us anytime during the process to lock your loan.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
No. As long as you stay in the same program, your rate is guaranteed
throughout your lock period.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
You may be required to pay an extension fee or other charges.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
Also called discount points, a point is 1% of the amount of the loan.
Points are a one-time fee added to your closing costs and generally
results in a slightly lower interest rate on your loan.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
Yes. The basis concept of points is to pay a little upfront in order
to save a big amount over the life of the loan. Each discount point
will typically lower your loan's rate. Points are a good idea if you
plan to be in your home for a long period of time.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
A fee or charge for the work involved in the evaluation, preparation,
and submission of a proposed mortgage loan.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
A report by a qualified person setting forth an opinion or estimate
of value.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
Title Insurance is a policy issued to lenders or buyers to protect
any losses because of a dispute over the ownership of a piece of property.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
Insurance written by a private company protecting the mortgage lender
against loss as a result of a mortgage default.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
If you have other mortgages against your property, this agreement
is required to obtain another mortgage. This agreement assures that
Bartlett Mortgage will be the first lien holder of notes against your
home.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
A flood certificate is required to determine if a property is in a
flood zone.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
Principal, insurance, taxes, interest, condo fees, and mortgage insurance,
if applicable. (See next question)
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
Principal, Interest, Taxes and Insurance = PITI
PITI is the acronym referring to the above-referenced components of
your monthly mortgage payments. That is, each month your payment to
the lender will consist of:
- Funds to be applied to the Principal
- to repay the actual money you borrowed.
- Funds to be applied to the Interest
- to repay the interest you're being charged on the loan, over
the life of the loan.
- Funds being collected in an Escrow
Account to pay your property taxes when they comes due.
- Funds being collected in an Escrow
Account to pay your hazard/fire insurance when it comes due.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
If it happens, we will review, reschedule the closing and recalculate
the closing costs.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
The outstanding balance of the mortgage, exclusive of interest and
any other charges.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
The portion of the mortgagor's monthly payment held by the lender
to pay for taxes, hazard insurance, mortgage insurance and other items
as they become due. Also known as impounds or reserves in some states.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
We require you to escrow your taxes and insurance with us. However,
if you wish to seek an exception to this, you may contact us to discuss
the options and fees for waiver.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
An additional charge a borrower is required to pay as a penalty for
failure to pay a regular installment when due.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
Fannie Mae, also known as the Federal National Mortgage Association,
is a congressionally chartered corporation that purchases conventional
mortgages in the secondary market.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
The Department of Housing and Urban Development (HUD) is responsible
for the implementation and administration of government housing and
urban development programs. The broad range of programs includes community
planning and development, housing production and mortgage credit (FHA),
and equal opportunity housing.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
The Federal Housing Administration, part of HUD, insures mortgages
made by private lenders.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
Freddie Mac, the Federal Home Loan Mortgage Corporation, is a congressionally
chartered corporation that purchases conventional mortgages in the
secondary market.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
The Department of Veterans Affairs is a U.S. Federal Government Department
responsible for administering programs for Veterans which include
loan insurance guarantee programs.
For answers to specific questions or concerns, contact
us at 1-800-403-3595.
|
