Mortgage Help

If any kind of work needs to be completed on a house that is weather related, we can set up funds into an “Escrow Repair Account” allowing us to hold 1 ½ times the amount needed to complete the repair. Once repair is completed, the contractor will be paid and any excess funds will be reimbursed to the customer.

When your loan includes an escrow account, you pay the lender a monthly amount which is determined by federal regulations. As money accumulates in your account, your lender uses the funds to pay one or more of the following, as they come due: property taxes and homeowner’s insurance, and/or flood insurance. Ask your MLO what your escrow includes.

Private Mortgage Insurance is often required on Conventional loans when a borrower has less than a 20% down payment. It is a special type of insurance that protects the lender should the borrower default.

A valid Identification, funds for closing, if applicable, and any other documentation your lender would have asked you to bring.

Tax transcripts are provided directly from the IRS and are a detailed summary of your filed federal tax returns. These are compared to the federal tax return copies that you provide to the Bank in order to verify that there are no discrepancies.