"Sparkling Service, Old Values, Brilliant Results."

National Advantage Real Estate Service

328 E. Lincoln Highway (Rt. 30)

New Lenox, IL 60451

(815) 485-0304 

Eleanor Nastepniak

Eleanor@nastepniak.com

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Getting a Mortgage
The mortgage application process can be confusing and intimidating, especially to first time purchasers - but today's market offers homebuyers more options than ever before.

Have Your Records Ready
Organizing your records ahead of time will help speed things along when you're completing mortgage applications. Our mortgage documentation checklist can help you keep track of everything you need.

Shop For a Lender
There are many types of lenders in today's mortgage market - review their loan terms to decide which offers the best package for your needs. If you have credit problems or other difficulties, look for a lender specializing in this type of loan. Don't forget to check out online lenders as well.

Consider Loan Types and Terms
Today's mortgage market offers a bewildering array of financing options and loan programs - each with different rates, points, and amortization schedules. Consider the details of each so you can select the one that best suits your needs.

Choose the Right Loan
After considering the various mortgage programs available it's time to make your selection. Don't forget to review all aspects of the loan, not just the interest rate - the points, fees, and term can be just as important.

Watch Interest Rates
Keep an eye on interest rates during (and after) your mortgage search. Many lenders offer the option of locking in the interest rate before closing - a valuable alternative if rates are rising.

Apply for Your Loan
Carefully complete each section of the application and provide all of the documentation required by the lender along with the loan application fee. Maintain frequent communication with your loan representative - if you haven't heard anything within 1-2 weeks call and ask about the status of your application. Respond promptly to any requests for additional information.

 

comparing Loan Types

There are many factors to consider when choosing the right home mortgage for your purchase.

Fixed vs. Adjustable Rate
A fixed rate loan carries a higher interest rate than an adjustable, so it may be a more costly option if you don't plan to stay in your new home for at least five years. Conversely, if you plan to remain there for many years it may be worth locking in a fixed rate - especially if interest rates are at lower than average levels.

Term - 30 Years or 15
While there are loan programs available with various durations, most home mortgages have a term of 30 years. There are some significant advantages, however, to choosing a loan with a 15 year term. Although the payments will a bit higher, the loan will be paid off in only 15 years - and you'll save thousands in interest.

Points vs. No Points
Some loan programs require the borrower to pay points while others do not. Among competitive lenders, a no point loan will carry a higher interest rate than one with points. The no point loan is probably the best deal if you don't expect to remain in your new home for more than 2 or 3 years. If you intend to remain for at least 5 years then it's most likely worth paying the points to get a lower rate.


High Loan-to-Value
There are a variety of loan programs available for borrowers who want to borrow more than 80% of the purchase price. Depending upon the lender, the borrower, and the state of the market there are loans available to finance 95% or more of the purchase price. Most of these high loan-to-value mortgages require the borrower to purchase private mortgage insurance

Mortgage Documentation Checklist

Every lender requests some level of documentation in support of a loan application, though each has its own specific list of requirements. Most will require some or all of the items on this checklist in addition to a completed application form.

Copies of contracts.
The lender will want a copy of your purchase contract specifying the price and closing date. If you are selling your current home the lender may want to see the contract on that transaction as well.
 
Income verification documents.
The lender will want copies of pay stubs for the previous 2-4 weeks. Additionally, they may request tax returns with accompanying W-2 and 1099 forms.
 
Contact information.
You may be asked to supply contact information (name, address, phone number) for your employer to allow the lender to verify your information.
 
Credit card and installment loan information.
The lender may want to see copies of several months credit card statements, as well as payment books or statements for car loans and other consumer debts.
 
Bank statements.
You may be asked to provide statements for bank and brokerage accounts for the past 2-3 months.
 
Proof of down payment funds.
Some lenders require verification that the buyer has the required funds to cover the down payment and closing costs. If any portion of the down payment is being provided by others (family members, for example) the lender will probably require a letter stating that the funds are a gift and not a loan. This is often called a gift letter.
 
Special items.
Some lenders may require copies of car titles and ownership documents for other major assets. If relevant, divorce or bankruptcy paperwork should be provided. Borrowers who are relying upon income from a legal settlement or similar source will need to provide documentation.

 

 

 

 

 

The Fair Credit Reporting Act

www.ftc.gov/os/statutes/fcra.htm

 

Credit Central

www.truecredit.com/central

 

Identity Theft Information

www.consumer.gov/idtheft/index.html

 

TrueCredit

www.truecredit.com

 

KnowYourLoanRate

www.knowyourloanrate.com

 

TransUnion

(800) 888-4213

P.O. Box 1000

Chester, PA 19022

www.transunion.com

 

Equifax

(800) 525-6285

P.O. Box 740241

Atlanta, GA 30374-0241

www.equifax.com

 

Experian

(888) 397-3742

P.O. Box 9595

Allen, TX 75013

www.experian.com

 

 

Hello, I'm Eleanor Nastepniak of National Advantage Realty in New Lenox, Illinois. I'm committed to providing the highest level of service possible to my clients. I always try to stay educated on happenings in the market so I can provide the best professional advice and counsel. I love working with both buyers and sellers and I am dedicated to helping my clients navigate the markets smoothly and successfully.

 
 

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