Determine Your Mortgage Payment
Interested to see what your mortgage payment will be for a property you are interested in purchasing? Calculating your mortgage payment will better prepare you for your real estate search and determine how much you're comfortable with. Simply input the required information to get an overview of your monthly payments.
- Prior 2 years of Federal tax returns. Include applicable W-2’s and 1099’s
- For W-2 employees the most recent 30 days of paystubs
- For the self employed recent profit and loss statements
- Most recent 2 months of asset statements
- Current mortgage or property statements
- Any rental agreements for rental properties owned
- Completed mortgage application
What to Expect During the Mortgage Process
You found a home! A rush of excitement and uneasiness at the same time. What’s the timeline and steps to make this a done deal? Your experienced Realtor at Madison Park Realtors will guide you through the negotiation process on price and basic timing for possession of the home. Madison Park Realtors offers this 6-step simple guide to the mortgage lending process to make it easier for first-time homebuyers to stay ahead of the process like a pro.
Submit required documentation such as pay stubs, tax documents, and credit statements. Your loan officer will provide you with a specific list of what is needed.
The underwriter makes sure the deal is rock solid and fits all guidelines. They might ask you for additional documentation. It happens often and doesn’t necessarily indicate a problem.
The buyer orders the home inspection as soon as possible. Inspectors often uncover and recommend repairs at the seller’s expense that you may not have noticed.
First, the loan underwriter signs off on the loan. Then, they order loan documents. Once approved, the lender sends the loan paperwork to a title company of your preference.
The lender orders a home appraisal to make sure the home you are buying is in line with your purchase offer. Appraisals must ususually come in close to the loan amount, not lower.
The title company has calculated the costs and credits for all parties. Bring in payment to close the deal and sign all documents. The title is recorded and the keys are yours.
Thinking About Selling or Buying?
Our team of real estate experts has the local knowledge, skills and experience to help you through the selling and buying process. Madison Park Realtors is dedicated to putting our experience and local knowledge to work for you in all steps of your real estate transaction, from start to finish. We look forward to helping you with your real estate needs.