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Frequently Asked Questions and Answers
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Q. What documents are typically needed to apply for a loan?
A. The information below shows which documents are normally required when applying for a mortgage loan. Your Loan Officer will tell you if any additional documents are needed. Help speed up your approval by getting these documents together now, so you will be ready to close your loan right away.
EMPLOYMENT INCOME DOCUMENTS
If you are a salaried employee:
- W-2 forms for the most recent 2 years.
- Payroll stubs for the past 30 days (showing year-to-date earnings).
- Most recent three months bank statements including checking, savings, any mutual funds, stocks, and or any retirement accounts both personal and business.
If you are self-employed or receive commissions:
- You will be asked to document your income with two years tax returns you have filed for both your personal and business.
- Year to date income and expense documentation.
NON-EMPLOYMENT RELATED DOCUMENTS
Rental Income:
- Federal tax returns for the past two years along with your rental agreements.
Retirement/Social Security:
- Award letter, tax returns, or bank statements if direct-deposit.
Interest Dividends:
- Federal tax returns for the past two years.
ASSETS
- Most recent three months bank statements including checking, savings, any mutual funds, stocks, and or any retirement accounts, both personal and business.
IF YOU ARE RE-FINANCING:
- Copy of HUD Statement (Closing Settlement Statement) from your previous closing.
- Copy of homeowner's hazard insurance policy.
- Copy of property tax bill.
- Copy of survey (if available).
- Mortgage statement.
IF YOU ARE BUYING:
- Purchase/deposit agreement (signed by both buyer and seller).
- Condos and PUDs may require additional documentation
- If you are buying the property that you have been leasing and your landlord is a private investor twelve months cancelled checks to verify your rent payment will be required.
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Q. What is a credit score?
A. A credit score, sometimes called a FICO score, is a system that has been developed to rate a borrower's credit history. The predictive factors used to model the data have proven to indicate future credit performance. Most lenders use this information to evaluate your loan application. It is our job to work with you to ensure that the information is accurate and complete. We have helped many different types of people in many different types of situations. We will do everything we can to help can to help you as well.
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Q. What is an appraisal?
A. An appraisal is a qualified estimate of the value of your property. World Group Mortgage will arrange for an appraiser to visit your property at a time you have agreed to inspect and review it for its current market value. The appraisal is yours to keep and provides you with valuable information about your property and how it compared to similar houses in you area. All lenders require an appraisal be conducted before your loan is approved because it provides an assessment of your home, which is the collateral the lender uses for your mortgage.
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Q. What type of loan programs do you offer?
A. We have a number of different loan programs we offer to accompany the different needs of our prospective borrowers. The programs we offer can be tailored to fit your individual needs. Please refer to the "Programs" page of our website to find out more information or just send us an e-mail.
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Q. How will I work with you to close my loan if you are in Charlotte, NC and I live out of town or even out of state?
A. It is never a problem. We schedule your loan closing with a certified closing agent in your area. And, you can always call us during your closing 704-509-1141 if you have any last-minute questions or concerns. All other activities related to applying for and closing your loan can be done from the comfort of your home of office. Any time you need us, simply call us...we are available to talk to you from 8:00 a.m. to 5:30 p.m., Monday through Friday. You can also e-mail us any questions or concerns you have about your loan.
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