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Buying the house of your dreams, wanting to refinance to lower payments, or make improvements on your current home? Let Lyle Kolosik, Kathy Stravers and Linda Frazier help you out. We try to make buying your home as easy as possible. We offer a variable rate 1st mortgage real estate loan based on the 3 Year or 5 Year Treasury Rate. We also originate long term fixed rate loans.
To start the application process, please schedule an appointment with Lyle Kolosik, Kathy Stravers, or Linda Frazier to go over the above information, since we do not accept on-line applications at this time. We may require additional information in some situations.
There are at least six items that we look at when considering your mortgage application:
- INCOME: We examine all sources of income. This helps us determine how much money is coming in on a monthly basis. As a rule of thumb, plan to spend no more than 28% of your gross income on your monthly house payment (principal, interest, taxes, insurance).
- PRESENT DEBTS: How much money do you presently owe to others (your monthly debt obligation) and to whom?
- CREDIT RATING: We’ll obtain a credit report from a credit reporting agency to find out your history with credit card companies, previous mortgages and bank loans, plus any public records dealing with financial matters. This is standard financial practice.
- DOWN PAYMENT: How much have you set aside for the down payment? Will it be a gift from a relative? There are other options for additional funding that we can help you explore if needed.
- ASSETS: After you’ve made the down payment and paid all closing costs, how has this affected your net worth?
- APPRAISAL: A certified appraiser must evaluate the house you plan to purchase, to determine the maximum loan amount.
Any questions you may have regarding the qualifications for your Real Estate Loan please feel free to contact us:
Please remember that general e-mail is not secure, so please do not send confidential information.
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