Mortgage Process

If I buy a new home how much is my monthly payment and total cost at closing?

To find this out call John at 205-266-5669 Or you can go to John's Purchaser's Calculator CLICK HERE Then input you best guess of the following 1. Purchase price 2. Down payment 3. Seller Paid Closing Costs 4. Closing date 5. County 6. City Then click CALCULATE then John’s Purchaser's Calculator will INSTANTLY generate a logical estimate of the Total Monthly Payment & Total Cost at Closing

How do I get prequalified?

If you are interested in applying for a loan, the best thing to do is to call John at 205-266-5669. You could apply online at following site at: Click Here Call or email John if you have any questions or if we can help in any way. Phone: 2052-266-5669 Email:

What happens after my application is completed?

Upon receipt of your completed application, we will order your credit report. The credit report along with the information on your application provides us with most of the details needed to generate an automated underwriting decision from Fannie Mae or Freddie Mac. This automated finding is a conditional approval that will outline specific conditions and documentation we will need from you. This conditional approval also allows us to send out a prequalification letter. This letter will tell the seller that you have applied and have been conditionally approved to finance the home they are selling. From the date of your credit report until closing, our credit reporting agency will monitor any new inquiries on your credit. For this reason it is best to avoid applying for any new credit until after closing.

What is the information that I will typically need to provide after application?

1. Copy of driver’s license for all applicants 2. Most Recent W-2 3. Most recent year-to-date pay stub covering a 30-day period 4. Most recent two months asset statement (all pages) for funds to close 5. Recent mortgage statement (If you currently own a home and you plan on keeping it) If you are self employed we will typically need 2 years of Personal Federal Tax Returns, W-2 and K-1's.

Who orders the appraisal? And when does this happen?

We order the appraisal. Normally once you have finished the inspection negotiations. There is no reason to spend money on the appraisal until you have a final contract. We will get your ok before we order the appraisal. This is also a good time to let us know who you are going to use for Homeowner's Insurance. We will contact them and let them know the information that we will need

How do I send the money to the agency that is closing my loan and home purchase?

Wire funds to the closing agency one business day ahead of closing. We can email the wiring instructions to you. Since the bottom line of Initial Closing Disclosure will be very close you can wire those funds to the closing agency. Bring a personal check to closing in case you need a little more. The closing agency will give you a check back if you send too much..

What are points?

It is an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., "2 points" means a charge equal to 2% of the loan balance. On a $100,000 loan this would total $2000. For this reason we try to do our loan with no points. If this is the case we will only receive $995 which is our administrative cost at closing.