This mortgage calculator can be used to give you an estimate on your monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator estimates in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. It also will factor in the town property taxes, and their effect on the total monthly mortgage payment.
As you may know, a great deal of paperwork is required to obtain a mortgage. In an effort to help you stay organized, we've put together a checklist of the documents you'll be required to present throughout the process. Please see the guidelines below to get a feel for the type of information you will need to provide as we work to establish your loan.
Most recent 30 days of pay stubs from all jobs
Most recent 2 months of bank statements
Most recent 2 years of W-2s from all jobs
Most recent 2 years of Federal Tax Returns if you file a schedule C, E or F or claim employee business expenses
Copies of state issued picture ID
Bankruptcy discharge papers & copy of Bankruptcy Petition with all schedules if discharged in last 7 years
Foreclosure documentation (Sheriff Sale Deed)
Divorce decree if ongoing financial obligation or property award is involved
Copy of all child support orders
Social Security award letter
Income Award letters (social security, pension, VA disability)
Current 401k, IRA or investment account statement
Copy of DD214 if discharged from the military within the last two years.
Copy of LES if using military pay to qualify
Proof of any additional military/VA pay
Documents must be submitted in their entirety
We always need consecutive documents
If you have received a financial gift to help with your down payment, the donor will need to fill out a gift letter and provide a bank statement to verify they have sufficient funding
Preferred Method of delivery is emailed PDF, but fax, mail, and, hand delivery methods are also acceptable. Additional documentation may be required.
You're not alone! Luckily, the Federal Trade Commission has developed an excellent Real Estate Marketplace Glossary for moments like these. Wondering about a term or acronym not included below? Feel free to give us a call! We're always available to help you better understand the process.
Watch the video above and answer the question when you're done.What will happen to Tom's credit score?
While the Freddie Mac guide below is a great place to start, this is a time when the Internet doesn’t have all the answers. The process varies for many reasons, including area and custom. Generally, purchases include: Offer, Acceptance, Inspections, Contract, Loan Application, Appraisal, Title, Loan Approval, Closing/Funding and Moving In. Many little steps can fall in between, and the process won't always occur in a given order. It pays to speak with local experts early.
Source: Freddie Mac
The VanDyk Mortgage Minute is a weekly podcast hosted by Charlie Sundstrom (NMLS #134251), Senior Vice President at VanDyk.