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- W-2 (2-years) & Current Pay Stubs, Self-Employment or 1099
- Last 2 years tax returns
- Landlord name/ Telephone
- Last 2 years
- Employer name/ Address/ Telephone
- Last 2 years
- Asset Information
- Past 2 month's statements showing the location of your Escrow closing monies
- Information on Stocks/ Bonds/401K, etc.
- Name and telephone number of Realtor
- Name and telephone number of Escrow
NOTE: The above is for fully documented loans. Reduced documentation and stated income loan
requirements vary. Please call for complete details.
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- Pre-qualification/ Pre-approval (Credit Report Run)
- Formal Loan Application Taken
- Escrow and Title Ordered
- Appraisal Ordered
- Income and Asset Information Verified
- Complete Loan Package Submitted TO Underwriter
- Loan Approved
- Obtain and Forward to Underwriter any required additional items
- Interest Rate Locked
- Loan Documents Ordered and Sent To Escrow
- Loan Documents Signed by Borrower(s)
- Final Pre-Closing Conditions Sent To Lender
- Loan Funds Wired to Title
- Loan and Grant Deed Record, Close of Escrow
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| Your monthly payment
(PITI) is the sum of four items - the principal on the loan (P), the
interest on the loan (I), property taxes (T), and homeowner's insurance
(I). To predict your monthly payment for a 30 year fixed rate loan, use
the following table to determine the principal and interest part of the
payment. Simply divide the loan amount by 1,000 and then multiply that
figure by the appropriate interest rate factor from the table below. To
that sum add 1/12th the amount of your yearly taxes and 1/12th the amount
of your yearly insurance premium. This will give you your PITI
payment. |
If your interest is: |
Your PI factor is: |
| 6.00% |
6.00 |
| 6.50% |
6.32 |
| 7.00% |
6.65 |
| 7.50% |
6.99 |
| 8.00% |
7.34 |
| 8.50% |
7.69 |
| 9.00% |
8.05 |
| 9.50% |
8.41 |
| 10.00% |
8.78 |
| 10.50% |
9.15 |
| 11.00% |
9.52 |
| 11.50% |
9.90 |
For example: If your mortgage loan amount is
$150,000, your interest rate is 7.0% you would
multiply 150 by 6.65 resulting in a value of
$997.50. Add your monthly insurance premium (approximately $25 - $75 per
month) and your property tax (approximately your purchase price x 1.25%
/12) to your principal and interest. This is your estimated monthly
payment.
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