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Loan Information                                                 Scott Medsger Home Trust Mortgage 711 W. Bay Area Blvd. # 102 Webster, TX 77598 Phone: 281-338-2200 Fax: 281-582-7464 Toll-free: 1-888-388-1995 Email Scott Mortgage Calculator:   Sales Price: $   Down: % Interest Rate: % Term: yrs Monthly payment: $   Reine Ray Senior Mortgage Banker NMLS #215973 SWBC Mortgage 2525 Bay Area Blvd, # 240 Houston, TX  77058 Phone:  281-480-3700 Fax:  281-480-6688 Email Reine                 PAMELA ARCHER  GRI, ABR, e-pro certified, Relocation Specialist THE ARCHER GROUP Licensed Realtor® in Texas RE/MAX SPACE CENTER 1150 Clear Lake City Blvd. Houston, TX 77062 Credits and Disclaimers Hosted & Maintained by Claridata Corp The information  is believed to be accurate and timely and should be independently verified, no warranty is expressed or implied.

UNDERSTANDING THE HOME LOAN PROCESS

Your Realtor can assist you in finding competitive mortgage loans. Remember, the reputation and service record of a Lender are as important as the rates and closing costs. Applications for mortgage loans can be made either at the Lender’s or your Realtor’s office, in person or over the phone. The time involved is usually less than ninety minutes.  Applications are available online at either of the above secure lender links.

Once you find a lender, they can help you:

Pre-approval gives you a good idea of the type of mortgage you will qualify for and the price range of homes you can afford. It will help you:

To get pre-approved, you'll need to work with a mortgage lender. The lender will review your credit, financial, and employment information after you fill out an application.  A fee might be involved to cover application costs.

If you qualify, you'll receive a letter that says your mortgage is approved for a certain amount of money and for a certain amount of time. Being pre-approved does not mean you have to use that lender, although a different lender may offer different terms.

Completing the application process:

To assist in expediting your loan application process, please have as much of the following available to start the loan application process:

• The social security number and birth date for each applicant.

• Residential addresses for the past two (2) years, including zip code. Please provide the length of time at each address and whether you rented or owned, as well as the name and address of the landlord or mortgage lien holder.

INCOME:

• Employment Verification: Provide the name, address, zip code and telephone number of the corporate person to be contacted to secure the information. Employment will be verified on all applicants for the previous two (2) years. This includes job title(s), salary, bonus, length of employment, vested interest in retirement fund, etc.

• The monthly base salary of each applicant. If you have any other income that you would like to have considered as basis for repayment of the loan, please provide copies of your last two years Federal Income Tax forms plus a balance sheet.

• If the relocation company is purchasing your home, submit copies of the initial relocation offer and the executed contract to purchase your residence. A copy of the settlement check and settlement statement will be required.

• Alimony and child support. Need divorce decree for verification.

• If applying for VA, bring a copy of your DD-214, Discharge Papers, and Certificate of Eligibility.

• If you receive benefits from your corporation that affect your qualifications, such as Mortgage Interest Differential, bring verification thereof.

• Be sure to compare closing cost estimates that the Lender and Realtor prepare. At times, the Lender does not include all costs, such as the Title Company and insurance charges.

You will also need to furnish information about your assets and liabilities. Although this may seem like an invasion of your privacy, this information is required by mortgage investors nationwide.

ASSETS

• Name of banking institution's with street address and zip code. List appropriate account numbers and estimated balances. Two months of bank statements

• 401K, Stocks and Bonds - Please list the name of the companies and the number of shares held. If you receive a statement from your broker, please provide a copy.

• Life insurance face value and cash value for all applicants.
• Real estate owned - current market value and property address. If any of these properties are rented, copies of lease agreements are required.
• Any vested interest you may have in a retirement plan, savings plan or profit sharing plan. Please provide a copy of the latest statement.
• Make, year and model of all automobiles owned.
• Estimated value of home furnishings and other personal property.
• Any other assets you would like considered in your loan application.

LIABILITIES

LOAN APPLICATION FEES

Loan application fees will be collected at the time you make loan application. This covers appraisal of the new property, credit report(s), underwriting review and Federal Express charges. The fees vary depending on the sales price of the new residence. Personal checks are acceptable.

FNMA Form 1003, Residential Loan Application, is normally the form filled out by most Lenders.

YOU HAVE PLACED AN OFFER ON A HOME:

• Once you have selected your new residence, you and your Realtor will furnish your loan officer at the mortgage company a legible copy of your sales contract and copy of the earnest money check. They may need a copy of both sides of your canceled earnest money check once it has been received back from the bank.

• Your loan officer should complete a second good faith estimate based on the actual sales figures, estimated insurance, and taxes. 

• After having your home inspected, if you choose inspections, an appraisal is ordered once you give your loan officer the go-ahead.

• A survey is ordered if the current seller does not supply one.

• The Title commitment process is started from the Realtor to the title company. 

• Your next step will be to secure home owners/hazard insurance. 

• A third and final good faith estimate will be provided by your lender with correct property tax and home owners insurance figures and confirm the funds you will need to bring to the title company when signing the loan documents.

• Your realtor will arrange a final walk-through and a closing date is confirmed at the title company.

• You meet at the title company with a cashiers check to sign the final loan documents

• Your loan funds

• Welcome Home!