Loan Products

A credit score is one of the pieces of information that we'll use to evaluate your application. Financial institutions have been using credit scores to evaluate credit card and auto applications for many years, but only recently have mortgage lenders begun to use credit scoring to assist with their loan decisions.

Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is a compilation of all this information converted into a number that helps a lender to determine the likelihood that you will repay the loan on schedule. The credit score is calculated by the credit bureau, not by the lender. Credit scores are calculated by comparing your credit history with millions of other consumers. They have proven to be a very effective way of determining credit worthiness.

Some of the things that affect your credit score include your payment history, your outstanding obligations, the length of time you have had outstanding credit, the types of credit you use, and the number of inquiries that have been made about your credit history in the recent past.

Credit scores used for mortgage loan decisions range from approximately 300 to 900. Generally, the higher your credit score, the lower the risk that your payments won't be paid as agreed.

Using credit scores to evaluate your credit history allows us to quickly and objectively evaluate your credit history when reviewing your loan application. However, there are many other factors when making a loan decision and we never evaluate an application without looking at the total financial picture of a customer.

An abundance of credit inquiries can sometimes affect your credit scores since it may indicate that your use of credit is increasing.  

The data used to calculate your credit score doesn't include any mortgage or auto loan credit inquiries that are made within the 30 days prior to the score being calculated. In addition, all mortgage inquiries made in any 14-day period are always considered one inquiry. Don't limit your mortgage shopping for fear of the effect on your credit score.

There is no charge to you for the credit information we'll access with your permission to evaluate your application online. You will only be charged for a credit report if you decide to complete the application process.

Whether you're purchasing or refinancing, we are certain you'll find our service amazing!

If you will be purchasing but haven't found the perfect home yet, complete our Pre Approval Request and we will issue a pre approval for a mortgage loan now.  Pre Approvals are issued based on the information you provide to us, and are subject to verification.

Yes, you can borrow funds to use as your down payment! However, any loans that you take out must be secured by an asset that you own. If you own something of value that you could borrow funds against such as a car or another home, it's a perfectly acceptable source of funds. If you are planning on obtaining a loan, make sure to include the details of this loan in the Expenses section of the application.

Generally, the income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period.

We'll review and average the net income from self-employment that's reported on your tax returns to determine the income that can be used to qualify. We won't be able to consider any income that hasn't been reported as such on your tax returns. Typically, we'll need at least one, and sometimes a full two-year history of self-employment to verify that your self-employment income is stable.

In order for bonus, overtime, or commission income to be considered, you must have a history of receiving it and it must be likely to continue. We'll usually need to obtain copies of W-2 statements for the previous two years and a recent pay stub to verify this type of income. If a major part of your income is commission earnings, we may need to obtain copies of recent tax returns to verify the amount of business-related expenses, if any. We'll average the amounts you have received over the past two years to calculate the amount that can be considered as a regular part of your income.

If you haven't been receiving bonus, overtime, or commission income for at least one year, it probably can't be given full value when your loan is reviewed for approval.

We will ask for copies of your recent pension check stubs, or bank statement if your pension or retirement income is deposited directly in your bank account. Sometimes it will also be necessary to verify that this income will continue for at least three years since some pension or retirement plans do not provide income for life. This can usually be verified with a copy of your award letter.

If you're receiving tax-free income, such as social security earnings in some cases, we'll consider the fact that taxes will not be deducted from this income when reviewing your request.

While you cannot apply for a mortgage before you find a property, you can request a Pre Approval (subject to verification) which can assist you in your search for the perfect home. 

When you find a property you wish to purchase, you can simply call your Loan Advisor to complete your application process.  At that time you will have an opportunity to lock into one of our great rates and programs, and be well on your way to purchasing your new home.

Generally, only income that is reported on your tax return can be considered when applying for a mortgage. Unless, of course, the income is legally tax-free and isn't required to be reported.

If you own rental properties, we'll generally ask for the most recent year's federal tax return, and copies of any leases to verify your rental income.

If you haven't owned the rental property for a complete tax year, we willl ask for a copy of any leases you've executed and we willl calculate the expenses of ownership.

Generally, two years personal tax returns are required to verify the amount of your dividend and/or interest income so that an average of the amounts you receive can be calculated. In addition, we will need to verify your current ownership of the assets that generate the income using copies of statements from your financial institution, brokerage statements, stock certificates or Promissory Notes.

Typically, income from dividends and/or interest must be expected to continue for at least three years to be considered for repayment.

Information about child support, alimony, or separate maintenance income does not need to be provided unless you wish to have it considered for repaying this mortgage loan.

Typically, income from a second job will be considered if a two-year history of secondary employment can be verified.

First, you will complete our online application.

The application will ask you questions about the home and your finances and takes less than 20 minutes to complete.  After completing your application, a Loan Advisor will contact you to introduce himself or herself and to answer any questions you may have. Your Loan Advisor is a mortgage expert and will provide help and guidance along the way. If we are unable to extend a conditional approval online, he or she will ask you for any additional information we may need to make a decision about your loan.

 We will send you an Information & Initial Disclosures package.

 An Information & Initial Disclosures package will be sent to you containing documents for you to sign and may include a list of items we will need to verify the information you provided about your finances during the online application.   If you choose to go forward, you will need to sign and return the Initial Disclosures along with payment of the $385.00 Application Fee which covers expenses related to your loan application such as the appraisal, credit report and flood determination. 

Loan Processing & Underwriting.

After we receive your signed Initial Disclosures and Application Fee, we will order your Appraisal and work to complete the processing of your loan.  Once the Appraisal report is received, your loan will be underwritten for a final credit decision.  You will be notified immediately of our decision, and the necessary paperwork will be issued to you at that time.

If you were in school before your current job, enter the name of the school you attended and the length of time you were in school in the "length of employment" fields. You can enter a position of "student" and income of "0."

Unfortunately, if you are purchasing a home, we will have to use the lower of the appraised value or the sales price to determine your down payment requirement. 

Gifts are an acceptable source of down payment, if the gift giver is related to you or to your co-borrower. We will ask you for the name, address, and phone number of the gift giver, as well as the donor's relationship to you.


Prior to closing, we will verify that the gift funds have been transferred to you by obtaining a copy of your bank receipt or deposit slip to verify that you have deposited the gift funds into your account.

If you are selling your current home to purchase your new home, we will ask you to provide a copy of the settlement or closing statement you will receive at the closing to verify that your current mortgage has been paid in full and that you will have sufficient funds for our closing. Often the closing of your current home is scheduled for the same day as the closing of your new home. If that's the case, we will require a copy of your final executed settlement statement as a condition in connection with the new mortgage closing.

Congratulations on your new job!  You should complete the application as if this were your current employer, entering "1 month" for the length of time you have been there. Information about the employer you are leaving should be entered in "Previous Employer".  Your Loan Advisor will go over the details with you to get specific information after you submit your application.  

Generally, a co-signed debt is considered when determining your qualifications for a mortgage. If the co-signed debt doesn't affect your ability to obtain a new mortgage we will leave it at that. However, if it does make a difference, we can disregard the monthly payment of the co-signed debt if you can provide verification that the other person responsible for the debt has made the required payments, by obtaining copies of their cancelled checks for the last twelve (12) months.

Any student loan that will go into repayment within the next twenty four (24) months should be included in the application. If you are not sure exactly what the monthly payment will be at this time, enter an estimated amount.

If other student loans are reflected on your final credit report, which will not go into repayment in the next twenty four (24) months, we may need to ask you for verification that repayment will not be required during this time period.

If you've had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage.  Depending upon the circumstances, we may require that anywhere from two to seven years have passed since the bankruptcy or foreclosure.  Feel free to contact a Loan Advisor to discuss your specific situation.

An installment debt is a loan that you make payments on, such as an auto loan, a student loan or a debt consolidation loan. Do not include payments on other living expenses, such as insurance costs or medical bill payments. We'll include any installment debts that have more than 10 months remaining when determining your qualifications for this mortgage.

Your interest rate is locked in at the time you submit your completed Application.