|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.
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.)
Steps To Home Ownership
TrustBank and get pre-qualified for a home loan.
on the type of home and features that are important to you.
a real estate agent.
not be afraid to negotiate on the price of the home.
TrustBank to help you choose the best mortgage for you.
for the closing.
the papers and begin enjoying your new home.
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
both fixed and adjustable rate mortgage loans with personal service
and a variety of terms.
of Being Pre-Qualified
allows you to have a realistic price range in which to look for
are in a better bargaining position with sellers, since your purchase
amount has been pre-certified.
final mortgage application process goes more quickly since much
of the paper work has already been completed.
Loan Application Checklist
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:
purchase offer with amendments of counteroffers signed by all
addresses, account numbers and balances of all bank accounts.
of stocks, bonds, certificates of deposit and their value.
of life insurance value.
on any currently held or previously owned real estate.
social security number.
annual gross salary, last year's W-2 forms and most recent payroll
of your federal income tax return for the previous two years.
and addresses of all employers for the previous two years.
of any social security, disability or pension income that you
choose to use.
list of outstanding debt -- including credit cards, department
stores, student loans, installment loans (including names of lenders
and account numbers).
Mortgage Loan Guide
To help you
figure out your estimated monthly principal and interest payment
using this guide,
follow these simple instructions:
1. Find the
interest rate that applies to your loan in the vertical column along
left side of the chart. Example: 7.5%
2. Find the
loan period in the horizontal row along the top of the chart.
Example: 30 years
3. Find the
number where your interest rate and loan period intersect on the
This is the Principal and Interest Factor.
Example: 7.5% interest for 30 years = 6.99 P & I
4. Divide the
loan amount you want to borrow by 1000.
Example: $100,000/1,000 = $100.00
the divided total by the Principal and Interest Factor you found
chart. This will be your monthly mortgage payment amount.
Example: $100.00 x 6.99 P & I = $699.00 monthly
FYI: Home Mortgage Terms you should know
Rate Mortgage (ARM)
interest rate is adjusted periodically based on a pre-selected index.
payment by equal periodic payments calculated to pay off the debt
at the end of a fixed period, including accrued interest on the
estimate of the value of property; made by a qualified "appraiser."
Include: an origination fee, appraisal fee, title search and insurance,
survey, taxes, deed recording fee, credit report charge and other
costs assessed at settlement.
document that verifies credit history and current status of a borrower's
ratio, expressed as a percentage, which results when your total
monthly payments is divided by your gross monthly income.
account held by the investor into which you pay money for tax and
/ or insurance payments.
mortgage on which the interest rate is set for the term of the loan.
total amount you earn per month, before any expenses are deducted.
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.
relationship between the amount of the mortgage loan and the appraised
value of the property expressed as a percentage.
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.
document that gives evidence of an individual's ownership of property.
examination of county real estate records to determine the legal
ownership of property usually performed by a title company.
Would a Guaranteed Home Loan through USDA Rural Development
work for you?
Click here for a list of home loan calculators!
Personal Loan Forms:
The Excel version is a legal-size document.
security issues regarding this document, see below.*
Real Estate Loans Brochure
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