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Lesson 3: Getting a Mortgage

A mortgage is a loan for which your home serves as the collateral. A basic monthly mortgage payment consists of the principal amount being borrowed, interest, taxes and insurance.

There are many different types of mortgages. Which one is right for you? When reviewing your options, you should consider your current financial picture, how your finances might change in the future, how long you intend to remain in the home, and how comfortable you are with fluctuating mortgage payments.

What Kinds of Home Mortgages Does M.O.M. Offer?

1.Fixed Rate: Security and Stability
Fixed-rate mortgages remain the most popular type. With these loans, the interest rate is fixed for the life of the mortgage, so your monthly payments never change.

2.Adjustable Rate Mortgages: Flexibility and Control
Adjustable-rate mortgages (ARMs) generally start out with an interest rate lower than a fixed-rate loan. This saves you money early on, and may help you qualify for a more expensive home. However, your rate is tied to a market index. As the index goes up or down, your payments will also change at each scheduled adjustment period. There are "rate caps” to limit the amount your mortgage can go up or down.

3.Special Mortgage Programs:
M.O.M. offers a variety of home financing options for customers with special considerations. These may include government programs; FHA, VA or USDA also known as rural housing for qualified borrowers and properties.

Get Organized

You've identified your price range and have learned about the mortgage options that may be right for you. Now it's time to gather all the information and supporting documentation you'll need to apply for a mortgage. Getting ready ahead of time will help the process move along quickly and smoothly.

Arrange your paperwork

Here are some of the documents you may need to prepare for the home financing process:

  • Your social security number (or proof of permanent residency)
  • Pay stubs for the last 2 months
  • W-2 forms for the past two years.
  • Bank statements for the past 3 months.
  • 2 years of Federal tax returns if self employed.
  • A signed contract of sale (if you've already chosen your new home)
  • Information on current creditors-car loan, student loan, credit cards, etc.

Review a copy of your credit report

Your credit report will be ordered by M.O.M. as part of your application process; however, if you review your credit report and address any errors before you apply, you can avoid potential delays during processing. Make sure your credit report accurately reflects your current credit situation.

Remember, when assessing your financial picture, be as honest and thorough as possible. That's the best way to secure the mortgage that's right for you. There are mortgages for just about every buyer and situation.

Home Inspection

You should get a Home Inspection prior to closing. A pre-purchase home inspection, performed by a professional, is a visual examination of the readily-accessible areas of a home to provide an accurate evaluation of the home's condition at the inspection. This evaluation is presented to the buyer in a comprehensive report so buyers are fully informed of the home's condition prior to purchase. While a home inspection is not required by M.O.M. , it is something you should consider.

When should I apply for a mortgage?

Keep in mind, even if you do not have a specific property address, you can still apply for your mortgage. M.O.M. can issue a credit-only pre-approval subject to receipt of a satisfactory purchase contract and appraisal and a verification of the income, debt and asset information you provide.

How Can I Apply with M.O.M.?

  • Answer some basic questions and we'll have a Mortgage Consultant contact you at your convenience. You can complete our online mortgage application at your own pace and when it is convenient for you.
  • Make one easy phone call to M.O.M.. Just dial 320-271-4666, and a M.O.M. Mortgage Consultant will take your information over the telephone, and work with you so that you have everything you need to close your mortgage.
  • You can work face-to-face with a local expert. Come on in to our local office to visit with us.

Once you submit your application, a M.O.M. Mortgage Consultant will provide personal service to move the process along. He or she will answer your questions about the different types of mortgages available and current rates. You'll need to provide your Mortgage Consultant with information on your income, credit history, debts and liquid assets. If you've already gathered this documentation, things should go smoothly.

What happens After I Apply?

Once you apply online, your application will typically proceed as follows:

  1. A Mortgage Consultant will review your information and contact you directly to answer your questions. He or she will also request from you any required documents that may be needed to begin processing the application.
  2. Next, your Mortgage Consultant will place orders for a property appraisal, a survey of property boundaries, a flood determination, as well as a title search and title insurance.

  3. The Underwriter will review all your information and decide whether to approve or deny the loan. The Underwriter will not have direct contact with you.

  4. Finally, the Closer will assemble the closing package, and ensure that all fees and other closing payments are accurately documented. In most cases, he or she will establish an escrow account for payment of necessary insurance and real estate taxes. You will be contacted to schedule a date and time for the closing.

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