California Mortgage & Home Loan Rates Online
Prepared for the mortgage loan process!!
There are a few of
things you should know and understand before applying for a home loan.
The first is understanding just how much house you can afforrd. We have
two great ways for you to find out; here's how:
here to go to our "California Mortgage Calculators".
here to go to "Affordability" web page.
Click here to go to our "FAQs" web
page. This page is full of great information and links to other pages
on issues from your credit to tax benefits.
way is to "read the following information" on required
documents you will need to take with you to the California home mortgage loan officer.
There will be specific
income information needed in order to process your mortgage loan with
a California mortgage lender. You will need to provide your lender with the following:
- W-2s for the last
- Signed tax returns
for the last two reporting years (business and personal).
- Pay stub(s) for
the last 30 days.
- Complete names
and addresses of all employers for the last two consecutive years (including
dates of employment and gross monthly income).
- Bonuses can be
counted if the buyer has received it for the past two years.
- Overtime can be
listed as part of your income if the buyer's employer will guarantee
that it will continue.
- Social Security
and disability payments. A copy of the award letter must be provided
along with a recent check stub or copy of a bank statement if deposited
- Pension income
can be listed as part of your income. You will need to provide a check
stub and any forms showing duration of payments.
- Rental property
income. This information can be provided in income tax returns for the
past two years verifying rental income. The applicant should provide
- Child support.
You will need to show proof of receipt, through a printout from the
courts or 12 months of canceled checks. (Payments must have been received
for at least 12 months on time and must be scheduled to continue at
minimum of 36 months to count as income.
- Alimony. You will
need to provide a copy of your divorce or legal separation documents
which documents alimony to be received. You will also need to show proof
of receipt, through a printout from the courts, 12 months of canceled
checks or tax returns.
The most recent statement or payment booklets for present creditors, which
should include name of creditor, addresses, account number and balance.
Debt documents are as follows:
- Car loans.
- Student Loans.
- Payday or personal loans (up to 3 months).
- Credit Card accounts.
- Current mortgage
or home equity loan account(s) with 12 months canceled checks and lender
- Name and address
of present landlord along with last 12 months' canceled rent checks.
- Divorce decree
or separation agreement to document alimony and / or child support.
- A copy of any bankruptcy
proceedings. An explanation letter should also accompany this document.
- Explanation letter
for any judgments with a copy of release.
- Explanation letters
for other delinquent credits accounts on your credi t report (late payments,
Fully executed copy
of purchase agreement. If your applying for a new construction loan, you
may need to provide copies of plans and specifications from the builder
/ contractor(s). Information needed for any and all property owned is
: lender name, account numbers, purchase price, principal balance, monthly
payments, copies of rental agreement if leasing, type of property and
signed tax returns for the past two reporting years. Property documentation:
- Legal description
of the property being purchased. (May be obtained by sales agent).
- Copy of listing
sheet. (May be obtained by sales agent).
- If you are in the
process of selling a home, you will need to provide the fully executed
contract of sale along with copy of the HUD-1 closing statement.
- If you are a resident
alien, evidence of permanent residency issued by INS (a.k.a. green card)
- Names, addresses
and phone numbers of all parties involved in this transaction, including
attorneys and/or closing agent and real estate agents
- Copy of recorded
deed (refinance only)
Depending upon the product and program for which you are applying, additional
information may be required.