California Mortgage & Home Loan Rates Online

Be 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:

Click here to go to our "California Mortgage Calculators".

Click 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.

Another 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:

1. W-2s for the last two years.
   
   
2. Signed tax returns for the last two reporting years (business and personal).
   
   
3. Pay stub(s) for the last 30 days.
   
   
4. Complete names and addresses of all employers for the last two consecutive years (including dates of employment and gross monthly income).
   
   
5. Bonuses can be counted if the buyer has received it for the past two years.
   
   
6. Overtime can be listed as part of your income if the buyer's employer will guarantee that it will continue.
   
   
7. 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 electronically.
   
   
8. 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.
   
   
9. Rental property income. This information can be provided in income tax returns for the past two years verifying rental income. The applicant should provide leases.
   
   
10. 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.
    
    
11. 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.

Other Documentation

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:

1. Car loans.
   
   
2. Student Loans.
   
   
3. Payday or personal loans (up to 3 months).
   
   
4. Credit Card accounts.
   
   
5. Current mortgage or home equity loan account(s) with 12 months canceled checks and lender contracts.
   
   
6. Name and address of present landlord along with last 12 months' canceled rent checks.
   
   
7. Divorce decree or separation agreement to document alimony and / or child support.
   
   
8. A copy of any bankruptcy proceedings. An explanation letter should also accompany this document.
   
   
9. Explanation letter for any judgments with a copy of release.
   
   
10. Explanation letters for other delinquent credits accounts on your credi t report (late payments, liens, foreclosure)

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:

1. Legal description of the property being purchased. (May be obtained by sales agent).
   
   
2. Copy of listing sheet. (May be obtained by sales agent).
   
   
3. 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.
   
   
4. If you are a resident alien, evidence of permanent residency issued by INS (a.k.a. green card)
   
   
5. Names, addresses and phone numbers of all parties involved in this transaction, including attorneys and/or closing agent and real estate agents
   
   
6. Copy of recorded deed (refinance only)
   Depending upon the product and program for which you are applying, additional information may be required.