Whether your apply Online or in person with your loan officer, the typical mortgage application goes something like this:
Make an appointment with your loan officer to apply for a mortgage. It is important to meet with your Loan Officer, in person or on the phone, even if you intend to apply online.
During the application your loan officer with ask you questions about:
Your loan officer will collect standard items such as:
Once you are ready, your application is processed, documented and sent to the Underwriter, who (hopefully) approves your application. Keep in mind this process could take up to 30 days.
An important part of a successful application is to stay in communication with your Loan Officer. This is especially important if you are making any changes to your financial picture. Your loan officer is there to guide you through the “do’s and don’ts” of the process so maintaining an open line of communication, will keep any unforeseen hurdles to a minimum. Whether you are buying a new home or refinancing for a lower monthly payment, work closely with your Real-estate team and they will get you to the finish line!
Requested School Supplies:
Pens – black or blue
Crayola colored pencils
Spiral notebooks, wide rule or regular
Loose-leaf notebook paper
Dry erase markers
Small post-it notes
Key Things to Know About Homeowners Insurance
Homeowners insurance protects your home and personal property if disaster strikes, and protects you against liability for accident in and around the home that injure others or damage their property. Policies can also cover living expense and medical payments.
Your mortgage lender will tell you the minimum coverage to carry. This is typically at least the amount of the mortgage.
This is the amount you agree to pay out of pocket for each claim against your home or personal property coverage. Higher deductibles mean lower premiums.
Replacement Cost vs. Actual Cash Value (ACV)
You can insure your home and possessions for the amount it would take to replace, rebuild, or repair with similar materials, at current costs. Or you can insure for ACV, which is the amount it would take to repair or replace property after deducting for depreciation. It is obviously lower than replacement cost.
Insurers may offer discounts for alarm systems, deadbolt locks, or covering your vehicle too.
Find out what different insurers charge.
Read Your Policy
Make sure you understand what is covered and what is excluded. Losses from fire, windstorm, and theft are typically covered, though hurricane damage may be excluded. Flood coverage usually requires a separate policy.
Review Policy Yearly
Check in with your agent every year to make sure your coverage is adequate. Home additions, and improvements add value and increase replacement costs.
Please contact us if you have any questions about this or your home financing.