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|
|Kaoife Lalor Fraser||1253473|
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:
|Interest %||5 YRS||10 YRS||15 YRS||20 YRS||25 YRS||30 YRS|
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
For security Issues regarding this document, see below*
|Real Estate Loans Brochure||Download PDF|
* After filling out this form, do not leave an unattended browser signed onto your account.
Many people are not aware that once a browser is signed onto an account, the browser remains signed onto the account until you leave the program. Also remember that many browsers keep a copy of the pages you have read in memory. This is why you can use the BACK button on your browser to retrieve pages so quickly. The pages are not being read from the server, but are being drawn from the copy kept in memory. This is called web page caching. Some browsers go even further by keeping copies of pages that you have already read on your hard disk drive. If you have web page caching enabled, be sure you understand where the web pages are being cached, and be sure you are aware of who will have access to the computer you will use to access the Electronic Banking System.
If you leave your browser running after you have viewed Electronic Banking System pages, you are inviting a potential thief to simply use the BACK key to gain access to your account information. For best safety, disable hard disk caching of web pages, and when you are finished using the Electronic Banking System, exit your browser.