Loan Info
Step 1: Find Out How Much You Can Borrow
The first step in obtaining a loan is to determine how much money you can borrow. In the case of buying a home, you should determine how much home you can afford even before you begin looking. Get in touch with us and we can help you figure this out.
We can also get you pre-qualified for a loan.
More on Pre-Qualification
LTV and Debt-to-Income Ratios
FICO Credit Score
Self Employed Borrower
Source of down payment
LTV and Debt-to-Income Ratios
LTV or Loan-to-Value ratio is the maximum amount of exposure a lender is willing to accept in financing your purchase. Lenders are usually prepared to lend a higher percentage of the value to borrowers with better credit. Another consideration in approving a loan for a particular borrower is the ratio of monthly debt payments (such as auto and personal loans) to income. Rule of thumb states that your monthly mortgage payments should not exceed 1/3 of your gross monthly income.
Credit Score
Credit Scores are widely used by almost all types of lenders in their credit decisions. It is a quantified measure of creditworthiness of an individual, which is derived from mathematical models developed by Fair Isaac and Company. A FICO score is supposed to reflect the credit risk of the individual in comparison with that of the general population. It is based on a number of factors including past payment history, total amount of borrowing, length of credit history, search for new credit, and type of credit established.
Self-Employed Borrowers
Self-employed individuals often find there are greater hurdles to borrowing for them than an employed person. For many conventional lenders, the problem with lending to the self-employed person is documenting an applicant's income. Applicants with jobs can provide lenders with pay stubs, and lenders can verify the information through their employer. In the absence of such verifiable employment records, lenders rely on income tax returns, which they typically require for two years.
Source of Down Payment
Lenders expect borrowers to come up with sufficient cash for the down payment and other fees payable by the borrower at the time of funding the loan. Generally, down payment requirements are made with funds the borrowers have saved. If a borrower does not have the required down payment, they may receive “gift funds” from an acceptable donor with a signed letter stating that the gifted funds do not have to be paid back.
Step 2: Select The Right Loan Program
Step 3: Contact Us for a Quote
Step 4: Begin Loan Processing
Step 5: Close Your Loan
Loan Process
Application
Application Checklist
Below is a list of documents that are required when you apply for a mortgage. However, every situation is unique and you may be required to provide additional documentation. So, if you are asked for more information, be cooperative and provide the information requested as soon as possible. It will help speed up the application process.
Your Property
Copy of signed sales contract including all riders
Verification of the deposit you placed on the home
Names, addresses and telephone numbers of all realtors, builders, insurance agents and attorneys involved
Copy of Listing Sheet and legal description if available (if the property is a condominium please provide condominium declaration, by-laws and most recent budget)
Your Income
Copies of your pay-stubs for the most recent 30-day period and year-to-date
Copies of your W-2 forms for the past two years
Names and addresses of all employers for the last two years
Letter explaining any gaps in employment in the past 2 years
Work visa or green card (copy front & back)
If self-employed or receive commission or bonus, interest/dividends, or rental income:
Provide full tax returns for the last two years PLUS year-to-date Profit and Loss statement (please provide complete tax return including attached schedules and statements. If you have filed an extension, please supply a copy of the extension.)
K-1's for all partnerships and S-Corporations for the last two years (please double-check your return. Most K-1's are not attached to the 1040.)
Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) including all schedules, statements and addenda for the last two years. (Required only if your ownership position is 25% or greater.)
If you will use Alimony or Child Support to qualify:
Provide divorce decree/court order stating amount, as well as, proof of receipt of funds for last year
If you receive Social Security income, Disability or VA benefits:
Provide award letter from agency or organization
Source of Funds and Down Payment
Sale of your existing home - provide a copy of the signed sales contract on your current residence and statement or listing agreement if unsold (at closing, you must also provide a settlement/Closing Statement)
Savings, checking or money market funds - provide copies of bank statements for the last 3 months
Stocks and bonds - provide copies of your statement from your broker or copies of certificates
Gifts - If part of your cash to close, provide Gift Affidavit and proof of receipt of funds
Based on information appearing on your application and/or your credit report, you may be required to submit additional documentation
Debt or Obligations
Prepare a list of all names, addresses, account numbers, balances, and monthly payments for all current debts with copies of the last three monthly statements
Include all names, addresses, account numbers, balances, and monthly payments for mortgage holders and/or landlords for the last two years
If you are paying alimony or child support, include marital settlement/court order stating the terms of the obligation
Check to cover Application Fee(s)
Below is a list of documents that are required when you apply for a mortgage. However, every situation is unique and you may be required to provide additional documentation. So, if you are asked for more information, be cooperative and provide the information requested as soon as possible. It will help speed up the application process.
Your Property
Copy of signed sales contract including all riders
Verification of the deposit you placed on the home
Names, addresses and telephone numbers of all realtors, builders, insurance agents and attorneys involved
Copy of Listing Sheet and legal description if available (if the property is a condominium please provide condominium declaration, by-laws and most recent budget)
Your Income
Copies of your pay-stubs for the most recent 30-day period and year-to-date
Copies of your W-2 forms for the past two years
Names and addresses of all employers for the last two years
Letter explaining any gaps in employment in the past 2 years
Work visa or green card (copy front & back)
If self-employed or receive commission or bonus, interest/dividends, or rental income:
Provide full tax returns for the last two years PLUS year-to-date Profit and Loss statement (please provide complete tax return including attached schedules and statements. If you have filed an extension, please supply a copy of the extension.)
K-1's for all partnerships and S-Corporations for the last two years (please double-check your return. Most K-1's are not attached to the 1040.)
Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) including all schedules, statements and addenda for the last two years. (Required only if your ownership position is 25% or greater.)
If you will use Alimony or Child Support to qualify:
Provide divorce decree/court order stating amount, as well as, proof of receipt of funds for last year
If you receive Social Security income, Disability or VA benefits:
Provide award letter from agency or organization
Source of Funds and Down Payment
Sale of your existing home - provide a copy of the signed sales contract on your current residence and statement or listing agreement if unsold (at closing, you must also provide a settlement/Closing Statement)
Savings, checking or money market funds - provide copies of bank statements for the last 3 months
Stocks and bonds - provide copies of your statement from your broker or copies of certificates
Gifts - If part of your cash to close, provide Gift Affidavit and proof of receipt of funds
Based on information appearing on your application and/or your credit report, you may be required to submit additional documentation
Debt or Obligations
Prepare a list of all names, addresses, account numbers, balances, and monthly payments for all current debts with copies of the last three monthly statements
Include all names, addresses, account numbers, balances, and monthly payments for mortgage holders and/or landlords for the last two years
If you are paying alimony or child support, include marital settlement/court order stating the terms of the obligation
Check to cover Application Fee(s)
The Full Application takes 20-40 minutes to complete and you will need: SSN or TaxID; contact, previous address, and employment information; and your best estimates of income, assets, and liabilities. If you’re short on time today, try the Short Application which asks just a few short questions to get the process started.
NEWS
BY: MATTHEW GRAHAM
Mortgage Rates Fall Back Down to 3-Year Lows
Aug 15 2019, 5:18PM
Mortgage rates fell today as the underlying market for mortgage-backed-securities (MBS) actually did a better job of keeping pace with broader bond market gains--not something they've been doing very well lately! For some lenders, it was enough to get them back to August 6th's levels, which were the best in nearly 3 years. The average lender can quote a conventional 30yr fixed rate of 3.625% for top tier scenarios. That said, there is much more variability between lenders at the moment. Take a look at the "Temporary Note on Mortgage Rate Inconsistency" below to learn more about why things have been volatile and inconsistent.
There's no reason to expect broader market volatility to suddenly disappear, but as long as Treasury yields don't undergo a massive spike, the mortgage market should be able to catch its breath. Specifically, that would mean MBS continuing to re-solidify their link with Treasuries and mortgage lenders more and more able to translate those strong MBS levels to slightly lower rates. In plainer terms, mortgage rates have some room to move lower, but it won't necessarily be quick. They can avoid moving higher as long as the big bond market rally of the past 2 weeks isn't abruptly reversed.
Mortgage Rates Fall Back Down to 3-Year Lows
Aug 15 2019, 5:18PM
Mortgage rates fell today as the underlying market for mortgage-backed-securities (MBS) actually did a better job of keeping pace with broader bond market gains--not something they've been doing very well lately! For some lenders, it was enough to get them back to August 6th's levels, which were the best in nearly 3 years. The average lender can quote a conventional 30yr fixed rate of 3.625% for top tier scenarios. That said, there is much more variability between lenders at the moment. Take a look at the "Temporary Note on Mortgage Rate Inconsistency" below to learn more about why things have been volatile and inconsistent.
There's no reason to expect broader market volatility to suddenly disappear, but as long as Treasury yields don't undergo a massive spike, the mortgage market should be able to catch its breath. Specifically, that would mean MBS continuing to re-solidify their link with Treasuries and mortgage lenders more and more able to translate those strong MBS levels to slightly lower rates. In plainer terms, mortgage rates have some room to move lower, but it won't necessarily be quick. They can avoid moving higher as long as the big bond market rally of the past 2 weeks isn't abruptly reversed.
Contact
Have Questions, or Suggestions? We would like to hear from you and welcome what you have to say.
Phone and Address
Deb Brasel
deb.brasel@mottomortgage.com
Tél : (816) 678-9283
1900 Northwest South Outer Road Suite 209
Blue Springs, MO 64015
Please E-Mail us or Call us. Either way we hope to hear from you soon.
Deb Brasel
deb.brasel@mottomortgage.com
Tél : (816) 678-9283
1900 Northwest South Outer Road Suite 209
Blue Springs, MO 64015
Please E-Mail us or Call us. Either way we hope to hear from you soon.
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