If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.
There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.
I would be happy to refer you to some very good mortgage contacts I have in GLENDALE, or to help you in any other way I can to secure the best possible rate for your home purchase.
Use the mortgage calculators below to assist you in making some decisions around financing your new home.
Mortgage Payment Calculator & Amortization Table
This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.
Your Mortgage Application
Every lender requires documents as part of the process of approving a mortgage loan. Here are documents you’re generally required to provide..
- ¨W-2 Tax returns — or business tax returns if you're self-employed — for the last two or three years for every person signing the loan.
- ¨At least one pay stub for each person signing the loan.
- ¨Account numbers of all your credit cards and the amounts for any outstanding balances.
- ¨Two to four months of bank or credit union statements for both checking and savings accounts.
- ¨Lender, loan number, and amount owed on installment loans, such as student loans and car loans.
- ¨Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.
- ¨Brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
- ¨Your most recent 401(k) or other retirement account statement.
- ¨Documentation to verify additional income, such as child support or a pension (REALTOR Magazine March 30, 2020).