Buying a home is an exciting event. Home ownership is also one of the most important financial investments you will ever make. A home can be an excellent investment and may provide you with added tax benefits.
However, since this purchase will affect your personal and financial life, you will want to approach the process knowledgeably. The following topics are ones that you should consider carefully as you move towards your purchase, especially if this is your first home. Should you have any additional questions, the mortgage lenders at TrustBank will be happy to assist you. (Contact a tax advisor about your individual tax situation.)
TrustBank would like the opportunity to be your mortgage lender. Our Loan Officers have years of experience and are familiar with a range of lending programs to help you make your dream of home ownership a reality.
TrustBank follows the standards for licensing and registration established by the Safe and Fair Enforcement for Mortgage Licensing Act of 2008. To obtain detailed information on employees who originate residential mortgage loans and are registered with the Nationwide Mortgage Licensing System, please visit: http://www.nmlsconsumeraccess.org/.
|NMLS Registered Loan Officers|
TrustBank offers both fixed and adjustable rate mortgage loans with personal service and a variety of terms.
Help to improve the speed of your loan processing by providing accurate, complete information. Here is a summary of the information that you will need to collect for your home loan application:
To help you figure out your estimated monthly principal and interest payment using this guide,
follow these simple instructions:
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Adjustable Rate Mortgage (ARM)
Your interest rate is adjusted periodically based on a pre-selected index.
Loan payment by equal periodic payments calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance.
An estimate of the value of property; made by a qualified "appraiser."
May Include: an origination fee, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs assessed at settlement.
A document that verifies credit history and current status of a borrower's credit standing.
The ratio, expressed as a percentage, which results when your total monthly payments is divided by your gross monthly income.
An account held by the investor into which you pay money for tax and / or insurance payments.
A mortgage on which the interest rate is set for the term of the loan.
Gross monthly income
The total amount you earn per month, before any expenses are deducted.
Lenders require homeowners to purchase homeowner's insurance to protect against fire and in some areas, floods. Most policies also protect the homeowner against theft and liability should someone be injured on the property.
The relationship between the amount of the mortgage loan and the appraised value of the property expressed as a percentage.
The highest price that you would pay and the lowest price the seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time.
A document that gives evidence of an individual's ownership of property.
An examination of county real estate records to determine the legal ownership of property usually performed by a title company.
Home Loan Application
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|Real Estate Loans Brochure|
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