Mortgage Tips

The mortgate calculator estimates your monthly house payments. Note: the tool does not take into consideration costs, taxes, points, etc.

Here are some suggestions to help you get organized and make your mortgage application process go smoothly. Items that would be helpful to have include:

• At least two current pay stubs from each spouse that works
• A year or two of tax returns
• If you are self-employed, you will also need tax returns from your business as well as a current year-to-date profit and loss statement
• List of all liabilities (revolving credit, credit cards, auto loans)
• The names, account numbers, balances, and minimum payments for all liabilities
• Records of savings, and investments (stocks, bonds, mutual funds, certificates of deposit)
• Be prepared to show how you will make the down payment

Types of Mortgages

Loan Types	Features
Fixed Rate	Guarantees a fixed rate throughout repayment
Adjustable Rate	Periodically adjusted rate according to market indexes
FHA	Limited down payment options, insured by Federal Housing Administration
VA	For veterans: No down payment, no prepayment penalty, fixed rate
Balloon	Lower interest rate for fixed period - refinancing optional at end.
Jumbo	Financing high valued dwellings for amounts up to $2M
Construction	Carries through all stages of home building, one time closing