The government monitors lending based on the age of its applicants. However, age is not an optional item. Lenders must determine if applicants are old enough to enter into a legal contract, typically age 18 or older. Please enter your age.
Gradual payment of a debt through regular installments that cover both interest and principal.
Amount of Loan
Please enter the amount that you are requesting, rounded to the nearest $100.
Annual Percentage Rate(APR)
A measure of the total cost of credit (interest as well as other recurring charges) expressed as a yearly percentage rate. All lenders apply the same rules in calculating the annual percentage rate, giving consumers a good basis for comparing the cost of loans.
An option of the value of a property at a given time, based on facts regarding the location, improvements, etc., of the property and surroundings.
Assets to Close
Assets to Close is the amount of cash or equivalent that can be used for a down payment and closing cost. The figure is based on your inputs from the application. You may use a new asset- to-close figure, and after making a change, a new Home Buying Purchase Power will recalculate.
A Balloon Loan is simply a loan that can be set to 5, 7, 10 & 15 year terms, but become due and payable to the lender at the end of the term. Balloon loans have a payment based on a longer amortization, but are all due and payable in full after a specified period of time indicated in the Promissory Note. When the note matures, the principal balance outstanding is due in full. ReduceHousePayment.com offers five and seven year balloon loans with payments based on a 30-year
amortization. Please refer to conventional loan product descriptions for details about Balloon loan programs. Please select the balloon term you are requesting.
There are several types of Bankruptcies (chapter 7,9,11,13, etc).
Bi-Weekly Mortgage Payments
Every 2 weeks, one half of your present monthly payment is electronically debited from your bank to a Trust Account. Your mortgage payment is then paid on your due date for you*. Over the course of a year, by paying one half of your present monthly payment every 2 weeks, approximately every 6 months additional dollars accumulate in the Trust Account for you. These dollars are applied to your principal, accelerating your equity build-up. By using this method, you make the equivalent of 13 payments over the course of a year.
*Interest is not credited to the client during this transaction period.
Please select if the property is existing, fully completed but never occupied, under construction or being planned for construction in the near future.
Cash Out Refi or Refinance
If applicable please indicate if you intend to receive cash back from the refinance of your property.
Please enter the city where the property is located.
Closing cost vary by region and lender. The closing costs are based on an 80% loan-to-value ratio and are 2.5% of the Maximum Loan Amount.
Please enter the county where the property is located.
A+ to A- Considered the best credit rating. FICO scores are generally 620 and up with no lates on mortgage and one 30 days late on revolving or installing credit. No bankruptcy within past 2-10 years.
B+ to B- General good credit with FICO scores from 581 - 619. Two or three 30 days late on mortgage and two to four 30 days late on revolving or installment credit. Cannot have any 60 day lates. Must be 2-4 years since bankruptcy discharge.
C+ to C-Fair credit with FICO scores from 551-580. Three to four 30 days late on mortgage are allowed. Installment or revolving credit can have four to six 30 days late or two to four 60 days late. Must have 1-2 years since bankruptcy discharge.
D+ to D- Overall poor credit history with FICO scores from 550 and lower. Two to six 30 days late on mortgage or one to two 60 days late, with isolated 90 days late. Revolving and installment lates show poor payment record with pattern of late payments. Possible current bankruptcy or foreclosure allowed with all unpaid judgments to be paid with loan proceeds. Must have stable employment.
Please enter your current street address, city, state and zip code. P.O. Boxes are not acceptable. Please enter "SAME" in the street address space if your address is the property entered above.
Current Housing Expenses
Please enter your current housing expense. This may be rent or the full payment to an existing mortgage lender including principal and interest, the monthly amount of taxes and insurance, any condo/homeowner fees and special assessments.
Debt-to Income Ratio
The ratio, expressed as a percentage, which results when a borrower's monthly payment obligation on long-term debts is divided by his or her gross monthly income. See housing expenses-to-income ratio.
Cash to be paid by the buyer at closing to consummate a real estate transaction.
Most real estate is assessed an annual tax, commonly called real property taxes. Local municipalities have various methods to calculate real property taxes, making it difficult to accurately determine the taxes in your area. The Home Purchase Power Calculator estimates the property taxes, but you can input a different amount based on the tax bill of the subject property. Make sure you divide the annual tax by 12 for the monthly amount.
Many home purchases involve payment of a buyer's closing costs by the seller/builder and/or real estate agent. If you have a purchase contract for a home that contains provisions for either of these parties to pay some or all of your loan costs, please enter the total amount of those payments.
A foreclosure occurs when a borrower is unable to make the monthly payments or otherwise defaults on the terms of a real estate mortgage and the lender, through a legal proceeding, takes ownership of the property. A Deed-in-Lieu of Foreclosure occurs when a loan is in default and the lender agrees to accept title to the property from the borrower by deed instead of going through the foreclosure process. If you have had a property foreclosed or if you have given a deed-in-lieu of foreclosure in the past seven years, please select "YES".
The government monitors Access Home Loans lending based on the sex of its applicants. Access Home is required to ask for this information, but you are not required to provide it. Please make your selection as provided.
If this is a purchase transaction and you will be using funds from a gift, please enter the amount of that gift. (Note: Gift funds may only come from a family member and must not have any repayment requirements.)
A form of insurance in which the insurance company protects the insured from specified losses, such as fire, windstorm and the like.
Homeowner's or Maintenance Fees
Payments made by property owner(s) of a condominium or a unit in PUD to the homeowners' association for expenses incurred in upkeep of the common areas.
These include the monthly principal and interest payments that are stipulated on the mortgage note. In addition, the monthly housing expenses include a monthly amount for the property taxes and hazard insurance (1/12 of the annual taxes and insurance). There may be other expenses, such as condominium fees, homeowners fees, special assessments, etc., that are included.
Income to Debt Ratios
Primary Housing Expense(PHE)/Income Ratio(I): This ratio is the result of dividing the housing expenses for the proposed loan by the monthly income of the borrower(s).
Total Obligations(TO)/Income Ratio(I): This ratio is the result of dividing the housing expenses for the proposed loan plus the borrower(s) other monthly credit obligations by the monthly income of the borrower(s).
Initial Interest Rate
Typically one to three percentage points lower than that of most fixed-rate mortgages. Lower interest rates also make ARMs somewhat easier to qualify for. The initial interest rate is tied to certain economic indicators that dictate in part what the monthly payments will be.
Mortgage lenders require hazard insurance on a property used as collateral for the loan. Insurance cost varies from region to region and by the magnitude of coverage. The Home Purchase Power Calculator estimates the insurance cost, but you can input a different amount based on you your insurance coverage preference or from your current Home Owners Policy. Make sure you divide the annual premium by 12 for the monthly amount.
The percentage of an amount of money which is paid for its use for a specified time.
Mortgage liens can have different priorities on residential real estate. A first lien is considered a higher priority than a second lien. Please select the lien priority you are requesting
Please enter your assets that can be used for a down payment and closing cost. These assets can be converted to cash or cash equivalent. Examples are listed below:
Checking and Savings Account
Money Market Accounts
Exchange traded stocks and bonds
Equity from a pending sale of real estate
Gifts (not to be paid back)
Please select the purpose for which you are requesting a loan.
The ratio of the loan that they are applying for which included adding up their existing 1st loan, their 2nd (if applies) and all credit cards that they want to pay off and/or the amount of cash they want to pull out. Take that dollar amount and divide that by the appraised value of their home.
Conventional: This is a loan that is $300,000 dollars or less in the Loan Amount.
Non-Conforming: This is a loan that is $300,000 dollars or more in the Loan Amount. Generally this loan is called a Jumbo loan.
Subprime: This person has credit issues. They generally have a little higher interest rate than a person with good credit.
FHA: This is a loan that is Guaranteed by the US Government and is a little easier to qualify for than the normal Conventional loan.
VA: This is a Veterans Loan. Someone that served in our Military and is guaranteed by the US Government to be able to get a loan.
The most likely price a given property will bring if widely exposed on the market, assuming fully informed buyer and seller.
The minimum amount that you must pay (usually monthly) on your account. In some plans, the minimum payment may be "interest only." In other plans, the minimum payment may include principal and interest.
One of the most important components of the loan underwriting process is determining the borrower's monthly income. The income of all borrowers and co-borrowers is included in the calculation. The income can be derived from several sources, but it must be supported by historical documentation and have a high likelihood of continuation.
Monthly Debt Obligations
These include monthly credit obligations, such as installment payments, revolving charge cards or other borrower obligations that will continue longer than 10 months. Usually, 5% of the current balance of a revolving charge account is used for the monthly payment.
A lien or claim against real property given as security for a loan. It is a two party agreement as apposed to tri-party agreement of a deed of trust.
Mortgage Loan Amount
The mortgage loan amount is based on the monthly principal and interest payment, rate of interest, and term of the loan. Altering the taxes, insurance, debt, interest and term will recalculate the loan amount.
The lender of money or the receiver of the mortgage document.
Insurance required for a loan-to-value ratio above 80.01%.
Financing is available for owner-occupied primary homes, owner-occupied second or vacation homes and non-owner occupied homes. Please select the applicable category.
Mortgage loans have a number of possible repayment structures or plans including Fixed Rate, Graduated Payment and Adjustable Rates. Please refer to the conventional, or FHA or VA loan product descriptions for details about these variations. Please select the repayment plan type you are requesting.
Origination fees charged be the originating lender or broker and/or discount fees charge by lenders to increase the overall yield. A point is equal to one percent of the principal amount of your mortgage.
Prepaid interest is the interest charged to borrowers at loan closing to pay for the cost of borrowing for a partial month. For example, if a loan closes on the 15th of the month and the first payment is due 45 days later, the lender will charge 15 days of prepaid interest.
If you have lived at your present address for less than two years, please enter your previous address including street address, city, state and zip code. P.O. Boxes are not acceptable.
Principal Loan Balance
Face amount of a loan evidencing the amount repayable, exclusive of interest, according to the terms of the note securing the obligation.
Principal and Interest
The principal and interest is the monthly payment needed to repay the mortgage loan over a predetermined period. After deducting the monthly taxes, insurance, and debt from the Total Monthly Obligation, the mortgage payment is calculated based on a 30 year fully amortizing loan and the current 30 year mortgage rates from lenders with a 1 point origination fee. You may input a new rate and term.
Property rights include fee simple and leasehold. Fee simple is the highest form of ownership and is the most common form of ownership or property right. If you need further explanation on the types before making this selection, please review the definitions in the glossary.
A tax levied by the local municipality or county on real and personal property.
Mortgage loans for the most common types of property, including detached homes, attached homes, units in Planned Unit Developments and Condominiums. Financing for Cooperative or time-share properties are not available. Please select your property type.
Please enter the contract price of the subject property if this is a purchase transaction.
The federal government monitors the ethnic mix of all loans made by lenders to ensure there is no discrimination against any one group. Lenders are required to request this information so they can report it to the federal government, you are not required to provide it.
Revolving and Installment Debt
The Home Purchase Power Calculator used the revolving and installment debt from the application. If the monthly debt figure is different or you believe it will be different when you obtain a mortgage, you may input a new figure.
Second Trust Rolled In
If you are requesting a refinance and intend to pay off an existing first mortgage AND an existing second mortgage please select "YES".
In some home purchase transactions, seller/builders and/or real estate agents offer special incentives to prospective buyers (e.g., a new car or boat; a trip; club membership dues; cash credits for upgrades in carpeting or other buyer preference items). If you have purchase contract for a home that contains provisions for incentives such as these, please enter the total value of those items.
If there will be a second mortgage used to assist in financing the acquisition of the subject property, please enter the amount of that loan. Proceeds from a second can come from a loan from the seller/builder, a private party or from another lender. (Note: Special qualification requirements are applicable when secondary financing is used.)
Please indicate if you are self employed. If you own 25% or more of the company by which you are employed, you are considered self employed for loan purposes.
Social Security Number
Sir/Maam, I can appreciate you not wanting to give us your Social Security over the phone. Please remember one thing, you called us. That is your security blanket. By you calling in, that means you have our phone number. That is good information for any law enforcement agency. We can not and will not use your Social for anything other than what we have your prior written approval on. See we do need to insert your Social on certain authorization forms and loan applications. These forms can not be hand written. Let's put it this way, you would either have to give it to us now or later. We can not do a loan without it. So what is it?
Please indicate the address of the property for which you are requesting a loan.
Please enter your total assets, including liquid assets. Examples are listed below:
Checking and Savings Account
Money Market Accounts
Exchange traded stocks and bonds
Personnel Items such as furniture, jewelry, etc.
Cash Value of Life Insurance
Retirement Fund (IRA, 401k, etc).
Please enter your unpaid total liabilities. Examples of liabilities are listed below:
Revolving Credit Debt (Visa, MasterCard, department store charge cards)
Installment Debt (bank loans, auto loans, boat loans, etc)
Real estate loans
Pledges, personnel notes, etc.
Total Monthly Debt
Please enter your monthly debt obligations. Monthly debt obligations may include monthly payments on:
Other real estate loans, but not
payments on loans being repaid if this is a refinance loan;
payments on loans being repaid from the sale of an existing home;
Revolving accounts; and
Child support and separate maintenance (alimony) paid to a former spouse.
Do not include payments on rental real estate mortgages that have been deducted from the income noted in the Total Monthly Income section.
Total Monthly Income
Please enter the total monthly income for all persons included in this application. Income can include:
Workman's Compensation or permanent disability payments;
Retirement and Social Security income;
Net Income from Self Employment (Schedule C net income);
Income from Trusts, if continuing for at least three years into the future;
Income from Partnerships, Professional Corporations or Sub-S Corporations;
Bonuses, if they are continuing;
Interest and dividends;
Rental income after deducting expenses and debt payments; and
Other investment income.
Income from child support and/or separate maintenance (alimony) and public assistance programs need only be disclosed if you intend to use it for loan qualification purposes.
Total Monthly Obligations
A key ratio used in the underwriting process is the relationship between the borrower's monthly income and their total monthly obligations. The ratio is determined by dividing the total monthly obligations by the total monthly income. There are many factors used in the underwriting process and mortgage lenders generally follow the underwriting guidelines of FNMA and FHLMC. Typically this ratio should not exceed 36% to 38%. The Home Purchase Power program determines the total monthly obligations using a ratio of 38%. The figure is calculated by multiplying the total monthly income by 38%. Total monthly obligations include:
The monthly mortgage payment (principal and interest)
Taxes and insurance
CONDO/PUD fees, if applicable
Monthly installment and revolving debt
Other recurring obligations
Access Home offers residential loans on 1-to 4- family properties (i.e., a 2-Family property is a Duplex, 3-Family property is a Triplex, etc). Please indicate the number of units for this property.
Please enter the year the property was built. If you not sure, please estimate.