Documents you will need for a mortgage
Preapproval
A preapproval is an analysis of your financial situation,for the purpose of obtaining a mortgage.
Your mortgage consultant will collect basic information about your income, debts, assets and
credit history. When you are preapproved, your lender is committing to financing your home,
and determines what maximum amount of loan you can get, and what would your monthly
payments be.
Please call me with any further questions you may have, and I will be happy to assist you
or contact you with a professional mortgage consultant!
- Verification of income, which includes recent tax returns and pay stubs or financial
statements for your business (if you are self-employed); - Bank account numbers;
- Details about your debt: credit cards, loans, child support, etc.
- If the lender discovers problems with your credit, such as late payments or nonpayment
of debt, you may be required to submit written explanations of them.
Preapproval
A preapproval is an analysis of your financial situation,for the purpose of obtaining a mortgage.
Your mortgage consultant will collect basic information about your income, debts, assets and
credit history. When you are preapproved, your lender is committing to financing your home,
and determines what maximum amount of loan you can get, and what would your monthly
payments be.
Please call me with any further questions you may have, and I will be happy to assist you
or contact you with a professional mortgage consultant!
Dedicated to finding the right home for you...
| Financing Your Home |
Fixed-Rate Mortgage
The interest rate on this type of mortgage remains
the same for the entire term of the loan, which is
usually 15 or 30 years.
As a result, the interest and principal portions of
your monthly payment stay the same. The initial
interest rates tend to be higher on this type of
mortgage than on an adjustable- rate mortgage.
Adjustable –Rate Mortgage
In this type of loan the interest is linked to a
financial index, such as a Treasury security. As a
result, your monthly payments can increase or
decrease over the life of the loan, which is usually
25 to 30 years. Some of these mortgages have a
cap, which is a limit on how much an interest rate
or monthly payment can change. Such a cap is
designed to protect the borrower from too large an
increase.
It is easier to qualify for this type of loan, as the
initial payments are lower than in the case of the
Fixed-Rate Mortgages. Some of the Adjustable-
Rate Mortgages can be converted to Fixed-Rate
Mortgages.
Balloon Mortgage
In this type of loan the rates are fixed for a specific
time period, and the full balance is due at the end
of this period. At that time, the borrower repays the
loan in one large "balloon" payment, or refinances
the loan.
The interest rate on this type of mortgage remains
the same for the entire term of the loan, which is
usually 15 or 30 years.
As a result, the interest and principal portions of
your monthly payment stay the same. The initial
interest rates tend to be higher on this type of
mortgage than on an adjustable- rate mortgage.
Adjustable –Rate Mortgage
In this type of loan the interest is linked to a
financial index, such as a Treasury security. As a
result, your monthly payments can increase or
decrease over the life of the loan, which is usually
25 to 30 years. Some of these mortgages have a
cap, which is a limit on how much an interest rate
or monthly payment can change. Such a cap is
designed to protect the borrower from too large an
increase.
It is easier to qualify for this type of loan, as the
initial payments are lower than in the case of the
Fixed-Rate Mortgages. Some of the Adjustable-
Rate Mortgages can be converted to Fixed-Rate
Mortgages.
Balloon Mortgage
In this type of loan the rates are fixed for a specific
time period, and the full balance is due at the end
of this period. At that time, the borrower repays the
loan in one large "balloon" payment, or refinances
the loan.
| 255 Executive Drive, Suite 104 Plainview, NY 11803 |
| Tomasz Raczkowski 516.642.9119 Real Estate Agent Licensed in State of New York |
 |  |  |  |  |
