Applying for your loan

 

Once you have found a home (and the seller has accepted your offer) refinancing solution that fits your personal preferences, your needs and your, it’s time to apply for your loan.

 

Get in touch with one of our home mortgage specialists and they can take your application. You can apply for a mortgage by filling out an application in person, phone, or online. You’ll fill out an application, providing information on behalf of yourself and anyone else who is going to be listed as a co-borrower on the mortgage (like a spouse or partner).

 

 

 

 

 

 

What you’ll need

To apply for a home mortgage or to refinance, you’ll need to provide your Stewards of Capital Home Mortgage Specialist with documentation to help verify your employment history, creditworthiness, and overall financial situation. If you are applying with someone else (called a co-borrower, such as your spouse), they will also need to provide the same documents. Be prepared to provide the following:

 

• W-2s (for the last 2 years)

• Recent pay stubs (two most recent consecutive)

• Bank statements for all financial accounts, including investments (for the last 2 months, all pages)

• Signed personal and business tax returns (all pages and relevant schedules)

• If self-employed, a copy of most recent quarterly or year-to-date profit/loss statement

• Most recent monthly statement for any mortgage, home equity loan or line of credit you hold on your home (refinance transactions only)

• A copy of the signed Purchase and Sales Agreement (purchase transactions only)

 

Your Stewards of Capital Home Mortgage Specialist may require more documents, depending on your circumstances and the type of mortgage for which you’re applying. You can expect your personal mortgage banker to ask you details about your employment and financial history. With your permission, your we will also run your credit report as part of the process.

 

Because a mortgage is such an important financial commitment, be sure to take your time and carefully fill out the application as completely and accurately as possible. Not disclosing credit problems up-front or holding back requested documents will only delay the process and potentially prevent approval of the mortgage, so it’s to your benefit to fully disclose everything about your finances.

 

 

 

 

 

Locking in your interest rate

 

Since interest fluctuate frequently, things can change between the day you apply for your loan and the day you close. If you want to protect yourself against rising interest rates and ensure that the loan terms you used to build your budget are locked, you might consider locking in your rate with your lender when you fill out your loan application.

 

A rate lock, also known as a “rate commitment,” is our company’s assurance that the interest rate and discount points are guaranteed until the rate lock expiration date. Your Stewards of Capital Home Mortgage Specialist will provide the terms of the rate lock to you in writing, including the agreed-upon interest rate, the length of the lock, and any discount points you choose to pay.

 

Of course, if you believe that interest rates will decrease in the near future, waiting to lock your rate may make sense to you. In the end, it’s a personal choice when to lock your rate. The rate must be locked prior to the personal mortgage banker preparing your closing documents. Talk to us about the choice that best suits your needs and your preferences.