This mortgage calculator can be used to give you an estimate on your monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator estimates in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. It also will factor in the town property taxes, and their effect on the total monthly mortgage payment.
As you may know, a great deal of paperwork is required to obtain a mortgage. In an effort to help you stay organized, we've put together a checklist of the documents you'll be required to present throughout the process. Please see the guidelines below to get a feel for the type of information you will need to provide as we work to establish your loan, and click here to download your free documentation checklist guide:
Most recent 30 days of pay stubs from all jobs
Most recent 2 months of bank statements
Most recent 2 years of W-2s from all jobs
Most recent 2 years of Federal Tax Returns if you file a schedule C, E or F or claim employee business expenses
Copies of state issued picture ID
Bankruptcy discharge papers & copy of Bankruptcy Petition with all schedules if discharged in last 7 years
Foreclosure documentation (Sheriff Sale Deed)
Divorce decree if ongoing financial obligation or property award is involved
Copy of all child support orders
Social Security award letter
Income Award letters (social security, pension, VA disability)
Current 401k, IRA or investment account statement
Copy of DD214 if discharged from the military within the last two years.
Copy of LES if using military pay to qualify
Proof of any additional military/VA pay
Documents must be submitted in their entirety
We always need consecutive documents
If you have received a financial gift to help with your down payment, the donor will need to fill out a gift letter and provide a bank statement to verify they have sufficient funding
Preferred Method of delivery is emailed PDF, but fax, mail, and, hand delivery methods are also acceptable. Additional documentation may be required.
Watch the video above and answer the question when you're done.What will happen to Tom's credit score?
At VanDyk, our experienced, licensed team is ready to work with you – from application to closing – to ensure a smooth and efficient loan acquisition process. Our Perfect Loan Process ensures effective communication between all parties in a mortgage transaction during the 30-day closing process. Our processing team will have your loan submitted to the underwriter within 2-5 days and your loan will be underwritten within 24 hours. You will be in constant communication with your loan processor who will send weekly loan updates and short videos announcing each milestone of the process keeping you completely informed on the progress of your loan. At VanDyk, we believe that an informed customer is a happy customer, and happy customers are the heartbeat of our business.
Below is a flowchart outlining the important steps of the VanDyk PLP process. We have also included the Freddie Mac guide to the overall mortgage process. The process can vary for many reasons. Generally, purchases include: Offer, Acceptance, Inspections, Contract, Loan Application, Appraisal, Title, Loan Approval, Closing/Funding and Moving In. Many little steps can fall in between, and the process won't always occur in a given order. It pays to speak with local experts early.
Source: Freddie Mac
The VanDyk Mortgage Minute is a weekly podcast hosted by Charlie Sundstrom (NMLS #134251), Senior Vice President at VanDyk.