• What are the differences betweeen the various types of adjustable-rate loans and fixed rate loans?
• Is the mortgage open-ended?  Can you borrow up to the amount of principal you've paid to make home improvements?
• Will mortgage insurance be required for loans otherthan FHA-insured or VA-guarnateed mortgages?
• How much principal must be paid before the insurance requirement is dropped?  What are the premiums and are the premiums refundable if you prepay the mortgage?
• What reserves, such as those for property taxes or hazard insurance, are required?  How long must you pay into these reserves?  At some point, will you pay these costs directly?
• What fees will be charged at closing, including such things as points, loan origination, abstracts, attorney's fees, appraisals, termite inspection reports or credit reports?
• Does the lender require a termite letter?

What the Lender Will Ask You

• What is your total monthly income (including alimony, child support, savings interest and dividends)?
• What are your assets?  These include bank accounts, stocks and bonds, real estate, retirement funds, etc.
• What are your liabilities?  These include installment loans, charge cards, auto or real estate loans and other debt.
• What are your anticipated housing costs?
• Do you have a copy of the contract of sale?
• Can you provide credit references, including account numbers and balances on loans?
• What is job and employment history?

What To Bring To The Loan Application Meeting

1.  Social Security Numbers
2.  2 Years Residence's
3.  2 Years Employment
4.  Income 
         If you are Salaried -- Bring 2 months pay stubs and 2 years W-2s
         If you are Commissioned Income or Self Employed Bring 2 years tax returns and W-2s
5.  Bank Account Records for 3 Months
6.  Outstanding Loans
7.  Credit Card Accounts
8.  Other Assets
9.  Funds At Application:
        For Credit Report and Appraisal.  Typically this could be $334.00 to $400.00 and is non-refundable if services
        have been performed.
10.  Government Loans:
            FHA -- Copy of Drivers License and Social Security Card
            VA -- Original Certificate of Eligibility/Copy of DD-214
11. Confirm with your Loan Officer (prior to your meeting) what else might be needed.