Whether applying for your first mortgage or refinancing your existing mortgage, there are several features of mortgage plans that you should compare before deciding which mortgage suits you best. Things to consider are:

• Fixed-rate annual percentage rate (the cost of your loan as a yearly rate which includes both interest and other charges)
• ARM annual percentage rate
• Adjustment period
• Index used and current rate
• Margin
• Initial payment without discount or with discount
• Duration of discount
• Periodic and overall interest rate caps
• Payment caps
• Negative amortization
• Convertibility or prepayment privilege
• Initial fees and charges
• Monthly payment at the end of a year if the rate stays the same, goes up 2% or goes down 2%

Following is a checklist of items that your lender may require to process your application and complete your mortgage:

• Tax returns (W-2s and 1040s) for up to last three years
• Current Check Stubs (generally for most recent month)
• Sales Contract or Purchase agreement from seller (if purchasing a home)
• Survey Property Map – from local government agency (if refinancing or constructing a home)
• Recorded Warranty Deed or Deed of Gift or Certificate of Title (if refinancing or constructing a home)
• Construction documents (if building your home – from contractor)
  • Construction Contracts
  • Description of Materials
  • Cost Breakdown
  • Blue Prints / House Plans
  • Property Sketch
• Application Fee (non-refundable)
• Lease / Rental Agreements
• Latest Credit Card Statements
• For Self-employed Borrowers latest financial statements of companies which Borrower has 25% or more interest
• Names, account numbers and balances on all credit cards and open loans and loan information for the property if you own other real estate
• If renting, your current landlord’s address. If you are purchasing a home, a signed purchase and sale agreement
• Copy of any court decrees regarding bankruptcy, divorce, child support orders and judgment satisfactions (if applicable)
• Social Security awards letter, disability papers or retirement awards letter

LendingLeaders will match you with lenders who will work with you to help decide what mortgage options are right for your situation. To have one of our lenders contact you, simply fill out the 1 Step Mortgage Home Loan Request Form.