Do YOU need a PURCHASE loan?
When it's time to make that big step and purchase a new home, the process can feel overwhelming - regardless of whether it's your first time or if you've bought a home in the past. With constant market fluctuations, confusing buzzwords, and different loan options, it can be difficult to decipher the best path. At Global Funding, our #1 priority is serving YOU. YOUR specific needs are always addressed in a dedicated and focused fashion. Global Funding prides itself on maintaining open and honest lines of communication, providing clients with the support systems they need to answer any questions and address all concerns. Simply put, your best interests are always protected with Global Funding.
How do YOU begin the PURCHASE process?
Typically, a new home mortgage loan requires more documentation than a refinance transaction. You'll need to provide a short list of items to YOUR loan officer with Global Funding to become qualified for your home purchase. Here is a short list of items you'll need to gather for the loan qualification process:
- Complete Loan Application
- Most recent one month of consecutive pay stubs
- Most recent two years of consecutive personal tax returns
- Most recent two years of consecutive Corporate and/or Partnership tax returns (self employed only)
- Most recent two years of consecutive W2's
- Most recent two months consecutive asset statement for each account (Asset statements include bank accounts, savings accounts, IRA, 401K, pension, and stock portfolios)
- Homeowners Insurance Declarations Page
- Most recent mortgage statements for the all existing mortgage loans and credit lines
- Copy of Driver's license and Social Security Card
If your home purchase is now in escrow, you'll ALSO want to provide the following documentation.
- Purchase Contract
- Escrow Instructions
Now that we've got that out of the way, the next step is to forward that information to YOUR loan officer with Global Funding to begin the qualification process. The loan officer requests a credit report to begin assessing your ability to repay the loan requested and to help YOU determine the best loan options to meet YOUR needs, TODAY.
What TYPE of home loan can I obtain for my home purchase?
YOUR choice of mortgage type depends on how YOU feel about personal financial security. The type of loan and reasons why YOU would choose a particular loan is left up to a confidential conversation between YOU and your loan officer with Global Funding. YOUR mortgage loan options include the following types:
- Conventional (Mortgage insurance is required on LTV’s over 80%)
- VA (Guaranteed by the government)
- FHA (Government insured loan)
- Reverse Mortgage (Can obtain at age 62)
- Hard Money (Less than perfect credit or non-traditional income documentation)
- Commercial (All property types other than single family residence)
- Fixed Rate (Monthly principal and interest payments stay the same)
- Adjustable Rate (Monthly principal and interest payments fluctuate)