Your Choices

Choosing the precise mortgage program is essential, and it usually is a stability between the safety of predictable funds, and making the most of enticing charges which may be obtainable. At Contractors Capital Company, we provide all kinds of mortgages, however you possibly can mainly categorize them into two varieties:

Mounted Charge Mortgages lock in your rate of interest for the lifetime of the mortgage. Your complete month-to-month fee of principal and curiosity stays fixed, however the portion of every fee allotted to principal grows.

Adjustable Charge Mortgages (ARMs) usually begin decrease than the fixed-rate packages however their rates of interest can rise, or fall, in the course of the time period of the mortgage.

Our Residential Mortgage Mortgage Course of

Making use of for a mortgage

At Contractors Capital Company, we attempt to make your mortgage course of easy, quick, and hassle-free. Step one of the method is finishing the mortgage utility. You will have the choice of making use of in particular person, on-line, on the telephone, or by requesting an utility be mailed or faxed to you. Right now, your mortgage officer will request supporting revenue, asset, and employment documentation. Additionally, you will be requested to signal a set of disclosures, and will probably be given a Good Religion Estimate (this reveals the approximate closing prices and month-to-month funds on your desired mortgage). A mortgage officer will focus on your financing choices primarily based in your particular housing objectives.

Relying on the mortgage possibility you select, you’ll more than likely be requested to supply the next gadgets to your mortgage officer:

One full month of pay stubs.

If salaried or hourly, present two years of W-2s. If commissioned or in case you obtain bonuses, additionally present two years of full federal tax returns with all schedules. If you’re self-employed, present two years of full private federal tax returns with all schedules, two years of company returns with all schedules, and a year-to-date revenue and loss assertion.

Two months of full financial institution statements.

Most up-to-date copy of every 401K, inventory, and bond assertion, if relevant.

Relying in your circumstances, the next gadgets may additionally be requested: divorce decree copy, inexperienced card or visa copy, rental agreements / leases for every funding property owned.

Getting Authorized

To obtain an preliminary approval, our underwriting division evaluates the data you supplied at utility time and your credit score historical past. Per the underwriter’s request, it’s possible you’ll be requested to supply extra documentation to facilitate the approval.

Earlier than closing approval is granted, an appraisal and title work will probably be ordered (after receiving a purchase order settlement, if relevant). Additionally, you will have to lock in on an rate of interest along with your mortgage officer. It’s possible you’ll be known as previous to closing with questions.

Closing

At closing, you’ll signal the ultimate paperwork essential to safe your mortgage. This usually takes place at a title firm. Right now, you’ll current a cashiers’ examine on your closing prices and down fee (if wanted) to settle the mortgage.