The Mortgage Process

The steps in the mortgage process are:

1. Decide on the lender or broker you wish to use.
2. Gather your financial data
3. Meet with your lender representative, or contact their telephone banking group.
4. Complete the application forms
5. Lender will obtain credit report and property appraisal
6. Lender may verify data provided on income and assets
7. The loan is reviewed by "underwriter" and approval granted
8. Title work is completed on the property
9. Funds are disbursed to borrower at time of 'closing'

The process of obtaining a loan may begin even before you locate a home you wish to buy.

We offer mortgage products which allow you to be pre-qualified for a maximum loan amount.

Generally, all lenders or brokers will require the same information to process your mortgage loan.

The following is a list of the questions you can expect when you contact Residential Mortgage Corporation.

1. Do you plan to live in the property?
2. Where is the property located?
3. What is your (and any co-borrowers) gross monthly income?
4. Do you routinely receive overtime or bonuses?
5. If self employed, what is your net income?
6. What monthly financial obligations do you have?
7. How much cash do you, or will you have, to invest in the transaction yourself?
8. Be prepared with explanations of any credit problems within the last two years.

A Quick Guide To Getting Your Home Mortgage with Residential Mortgage

No one has to tell you that finding an affordable home is a big job today. Unfortunately, finding the right home mortgage can be just as difficult. We simplify the home mortgage process for you by offering fast, comprehensive service. Our knowledgeable Loan Specialists are always available to answer your questions. Of course, the first step in increasing your comfort is understanding how the home mortgage process works, step by step.

Step 1. Call or Drop By Residential Mortgage
We are ready to help you with your home mortgage needs whether the property you seek is for a primary residence, vacation home or income property. If you decide to apply for a home mortgage, a Loan Specialist will contact you immediately to set up your mortgage application appointment at your convenience.

Step 2. Finding The Right Kind Of Home Mortgage For You
Residential Mortgage offers a variety of home mortgages with competitive rates and fees. We'll help you find the mortgage that best suits your current and anticipated future finances. You may choose from among our fixed interest rate mortgages. Or you may prefer an adjustable rate mortgage which may offer low payments initially.

Step 3. Completing Your Mortgage Application
After finding the right kind of mortgage for you, your Loan Specialist will help you gather information for your application. Next, a fast pre-qualification analysis will be conducted to determine the affordability of the mortgage you seek.

Step 4. Processing Your Mortgage Application
Our staff will verify important areas of information you provided with your mortgage application. We may ask for additional information which could have a bearing on our credit decision. We can also coordinate with the property's Appraiser, Escrow Agent, Title Insurance Company, Seller, Builder and Real Estate Broker on your behalf if you so wish.

Step 5. The Loan Decision
Residential Mortgage will carefully review all the information you provide and make a prompt decision. When your loan application is approved, Residential Mortgage will forward your loan papers and closing documents to the Escrow Agent for your signature. Your loan will then be funded.

Congratulations will be in order!

Information You May Need To Provide With Your Mortgage Application

1. Name of employer, contact person, and telephone number.
2. Most recent 30 days pay stubs.
3. Copies of most recent W-2's.
4. If you have income in addition to your salary and wish to have it considered, we will need copies of pay stubs, W-2's, or other proof of that income.
5. If you are self employed: copies of federal tax returns for the past two years and year-to-date profit and loss. If your business is a Corporation, we will need two years Corporate returns.
6. Names of creditors with approximate monthly payments and balances.
7. If you own other real estate: name of mortgage company, monthly payment, mortgage balance and rental income, if applicable.
8. Most recent two months bank statements.
9. Any other information which might give a clear picture of your application.

During the loan process, you may be required to provide additional information not mentioned above to speed the approval process of your application.