Welcome to our Application Checklist. To make the whole process a little easier, we have provided a list of some of the documents that one our home loan specialists will be requesting.
You might want to print this checklist and use it as a guide. Once you are given a pre approval, you may want to begin to gather the information below. This will expedite the whole loan process.
All applicants will need the following:
A current social security number
A copy of their hazard insurance declaration's page.
Information about income (pension statements, social security award letter, dividend statements, divorce decree, child support payment history, etc.)
Information about assets, (checking, savings, stocks and bonds, mutual funds, CDs, etc.)
Information about any real estate debts that you may have (including home-equity loans and other lines of credit, even if you have not drawn on the account)
Self-employed applicants will need:
Their most recent federal tax return and attachments
Applicants who have not yet found a house will need to know:
The state and county in which they're looking
Applicants who have found a house will need:
Their sales contract, also known as a purchase agreement, fully executed by all parties
Applicants who are refinancing will need:
The estimated market value of the home they're refinancing
Employed applicants will need:
Last year's W2 and your most recent paystub
The name and phone number of someone at your employment to verify
employment
Some of Our Loan Products
Fixed Rate Mortgage
This is the most stable type of mortgage in which the interest rate is set for the term of the loan.
30-Year Fixed-Rate Mortgage
A loan in which the interest rate remains the same for the life of the loan. It amortizes principal and interest over a 30-year period and offers steady monthly payments of principal and interest over the 30-year life of the loan.
20-Year Fixed-Rate Mortgage
A loan in which the interest rate remains the same for the life of the loan. It amortizes principal and interest over a 20-year period and offers steady monthly payments of principal and interest over the 20-year life of the loan.
15-Year Fixed-Rate Mortgage
A loan in which the interest rate remains the same for the life of the loan. It amortizes principal and interest over a 15-year period and offers steady monthly payments of principal and interest over the 15-year life of the loan.
Jumbo Loan
A loan that is larger than the limits set by Fannie Mae and Freddie Mac. Because Jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.
Interest Only Loan
A loan in which you may only make interest payments and there is no reduction in your principal balance. Sometimes these loans come with balloon payments.
Adjustable Rate Mortgage (ARM)
A mortgage in which the interest rate is adjusted periodically based on a specific index.
Mortgage Calculator
* Information and interactive calculators are made available simply to you as self-help tools for your independent use. American Pacific Lending does not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
