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If you are buying or refinancing a home
- If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed/1099: provide two years tax returns and a YTD profit and loss statement.
- If you own rental property, please provide rental agreements and two years tax returns.
- If you wish to speed up the approval process, please also provide two months statements for each bank, stock and mutual fund account.
- Provide recent copies of any stock brokerage or IRA/401K accounts.
- Provide a copy of divorce decree if applicable.
- If you are NOT a US citizen, provide us with a copy of your Resident Alien card(front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.
Getting qualified before you apply for a loan can help you understand how much you can borrow.
When buying a home, you may get pre-qualified or pre-approved. You can typically get pre-qualified over the phone or on the Internet in a few minutes. A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for your Maronda home. This will help you:
- Focus your buying decision on the homes available that meet your specific income and asset situation.
- Streamlines the process to sign your contract with your Maronda Sales Representative.
- Helps you close quicker because your loan is already approved.
To compare loan programs and rates you will need to:
- Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable rate loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed rate loans.
- Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower your interest rate.
- Compare different programs. Comparing loan programs can be difficult with so many to choose from. Each have different rates, points and fees; it's hard to determine which program is best for you. That's where MFC's Account Representatives can help you make a decision that's best for you.
Compare Lenders. MFC and Maronda provide one stop shopping to buy your home. This means an easily observable better value for you. When comparing other lenders to MFC you will want to get the answers to these questions:
- How much will you be paid for placing my loan? Brokers receive their fees in several ways. Part of their fee may be paid in cash at closing and a portion of it may come from third parties in the form of a yield spread differential they will receive from the lender with whom they are placing a loan. Make no mistake; you are still paying for this portion of the fee, not in a lump sum at closing but every month as part of your mortgage payment.
- Do you get paid "overages" on my rate or the fees you charge me? Most brokers don't have a published fixed price for rates and fees. Their loan officers receive additional compensation if they raise your rate or collect extra fees. MFC has a 24-hour rate hotline. Our rates are the same for everyone and our Account representatives are not paid overages!!
- What lender are you brokering my loan to? If your broker says they aren't sure where your loan will be placed, where did the numbers come from for the rate and fees on your Good Faith Estimate of Settlement Charges? This means the "numbers" are probably going to change prior to closing, and not in your favor.
- Will my "Good Faith Estimate" include all the charges that will appear on my final HUD-1 settlement statement? What happens if it doesn't? Make sure your Good Faith Estimate includes all the fees for your loan, including "standard" and "customary" charges.
- Is the rate you quoted me guaranteed? For how long? Is there a fee for this? If your rate is "guaranteed", get a written lock agreement from your broker. Make sure the rate and term are what you asked for!
- Why will you do a better job for me than the builder's own mortgage company? MFC Mortgage is a wholly owned subsidiary of Maronda Homes. We are as committed to the same philosophy of an easily observable better value in our product, the mortgage loan, as Maronda is in the homes they build. No one has more motivation than MFC to make sure you get the best deal - period!
- Shouldn't I talk to the builder's own mortgage company as well? If the broker says no, then it's definitely time to call us at MFC! We are confident that we can provide a more competitive package of financing for you. Remember, the total cost to you is in the rate and the fees. MFC is motivated to qualify as many customers as possible to buy the homes of our parent company, Maronda Homes. It costs nothing to talk to the MFC Representative in your area and get a quick, hassle free pre-qualification. Make the call, compare the deals - we know you'll be an MFC customer!
Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:
- Credit history
- Employment history
- Assets including your bank accounts, stocks, mutual fund and retirement accounts
- Property value
Based on your specific situation, additional documents or verifications may be required. To make the loan approval process as smooth as possible:
- Fill out the loan application completely.
- Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
- Do not make any major purchases. Do not buy a car, furniture or another house until your loan is closed. Anything that causes your debt to increase might have an adverse affect on your current application.
- Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
- Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.
After your loan is approved and your home is completed, you will be required to sign the final loan documents. This will normally take place in front of a notary public. Be prepared to:
- Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted.
- Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.
- Sign the loan documents.
- Get your keys and move into your new Maronda home!
