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Asheville Real Estate:
Loan Application Center for Asheville NC.
Pre-Qualification Program:
Many of the Lenders listed in the PDF Handbook available on this site and listed here and on other pages, are pleased to extend to you the benefit of their Homebuyer Pre-Qualification program to you. They can instantly determine the maximum home value and the loan available to you under the loan program that benefits you most.
This enables you to enter the home buying process with confidence knowing exactly the price range you can qualify for in a home.
You need only to complete the below form and fax or mail it to my office for a complete analysis of all aspects of your purchase. The process only takes seconds and ensures that you will make the right decision.
Here are the benefits to a Pre-Qualification Program:
1. You look at only homes that are in your price range thus saving you precious time in your home search.
2. Your offer to the Seller, once you find your home, is more solid because you have been pre-qualified for a loan. This helps in the negotiation process of the contract.
3. You close more quickly because the process of the loan application has already been started.
4. You minimize the trauma of knowing whether or not you qualify for a loan.
Fill in the blanks!
Name:__________________________________ Fax #: ________________________
Address: ________________________________ Phone # ______________________
_________________________________ Phone#2 ______________________
Annual income: $________________
Monthly Debt: $________________
Cash Assets: $________________
Monthly Rent or Mortgage: $________________
Do you currently rent or own? ___________
All mortgage applications ask the same questions. It doesn't matter whether you're applying in person or online, or whether you're using paper or electronic forms. Your lender will ask:
Therefore, Here are the Specific Items Needed for a Loan Application:
Personal:
•Physical addresses for two full years
•Social Security numbers for all parties
Employment:
•Gross monthly income
•W-2s, if available
•Proof of pensions, retirement, disability, or Social Services (latest statements)
•Proof of income from rentals, investments, etc. (latest statements)
•Proof of child support or alimony paid/received (latest statements)
•Year to date pay stub
If self-employed:
•Two years 1040 Tax Returns
•Current year profit and loss statement
Creditors:
•Each creditor’s name, addresses, and type of account
•Account numbers
•Monthly payments and approximate balances
•Amount of child care expenses
Banking:
•Names and addresses of saving institutions
•Account numbers for all accounts
•Type of accounts and present balances
Miscellaneous:
•List of assets in stocks, bond, and land
•Life insurance cash value (documented if used as cash down payment)
•If applicant is selling a home, a copy of the sales contract
•If VA, Veterans Certificate of Eligibility & DD-214
•Cash or check to pay for application fee
•Be prepared to pay for credit report, appraisal and flood
certification fees.
Realtor will provide:
•Copy of sales agreement
•Copy of listing on property
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| It's never too early in the loan process to learn about "points." | |||||
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Points are one type of fee paid at closing by you to your mortgage
lender. Sometimes, the Seller will pay points for the buyer as well,
depending upon the negotiations. But to keep it simple, there are
generally two types of points: Origination Points and Discount
Points. Each point equals 1% of your loan amount. For example, 1 point
on a $100,000 loan would cost $1,000.
What is the difference between Origination Points and Discount Points? They differ in where they are applied. Origination points are charged to recover some costs of the loan origination process. Typically, your Loan Officer's compensation is based on the Origination point(s). Depending on the lending institution, the Origination Point(s) may be negotiable in whole or in part. Discount Points are used to "buy" your interest rate lower. This is known as a rate "buydown." A general rule of thumb is that one full Discount Point will lower your fixed interest rate .250% or your adjustable rate .375%. These points lower the interest rate for the entire term of the loan. There is usually some flexibility by the lending institution in determining the actual buydown formula, but less than with Origination Point(s). Is there an advantage to paying one type over the other? Actually, there may be, depending on your tax situation. There is no advantage to paying an Origination Point instead of a Discount Point. However, the Discount Point(s) that you pay may be tax deductible. Unfortunately, Origination Points are not usually tax deductible. The Discount Points are usually deducted under Schedule "A" of your IRS 1040 tax return. If you do not itemize your deductions (by taking the Standard Deduction) for other tax-related reasons, you may not be able to deduct the cost of the points when filing your tax returns. Please consult your tax adviser to determine if you qualify for these deductions. Why do some lenders charge points but others don't? It is up to the individual lender whether or not they charge Origination Point(s). Almost every lender's pricing includes different levels of Discount Points. They may offer options with no points, 1 point, 2 points and maybe even more. The more points that you are willing to pay, the lower the interest rate the lender will offer you. It is common for each option to include fractions of points (for example, 1.25 points). Most lenders advertise their 0 point interest rates while others list their lowest possible rate with several points attached. When comparison shopping, make sure that you know all fees that are being charged. A lender offering 7.000% + 1 Discount point but 0 Origination Points may be a better deal than the lender offering the same rate with 0 Discount Points but 1.500 Origination Points. Both types of points are calculated using the same formula. Before making a final decision, look over all details of the offer, not just the interest rate.
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