Hillsborough Lending is the right choice if you are looking for a mortgage company with a reputation for outstanding performance, service tailored to meet your needs, and a team of highly experienced mortgage banking professionals who will help you meet and exceed your goals. We are constantly striving to offer you faster, more efficient service and better products. Hillsborough offers a full range of loan types, sizes and terms. We will do everything necessary to get you information on pricing, rate locks, requirements, products, funding, or whatever you may need. Hillsborough Lending is a highly-skilled group of professionals committed to providing the highest level of service and competitive rates.
The Mortgage Process
Loan Application
During
this process your Hillsborough representative will ask for information
pertaining to your income, assets and liabilities. Once this information
has been collected your Hillsborough representative will recommend
a loan program that best fits your financial needs. Prior to loan
application you will need to determine the amount of down payment
you will be making towards your new home and collect the following
documents that should be brought with you when you make loan application:
- Most recent paycheck stubs for each borrower covering the most recent thirty-day period.
- Most recent two years W-2's and/or 1099's for each borrower.
- Two months of the most current and consecutive banks/investment/ retirement statements for all your accounts.
- If self-employed you will need to bring in the most recent two years' tax returns and copies of 1040's, W-2's, 1099's and or K-1 for each borrower. You will also need a year-to-date profit and loss statement.
However, if it is more convenient, you can complete your loan application on-line.
Credit Report
A credit report will be
obtained as a step of the loan application process. The credit report will show
your payment history, credit limits, monthly payments and current
balances.
Appraisal
Hillsborough Lending will order a property appraisal from a licensed real estate appraiser on the home & property that you are purchasing. The appraisal is done to determine the value on the property being purchased and your loan amount.
Underwriting
The information shown on your loan application will been verified and then a Hillsborough Lending Mortgage underwriter will review the information collected on your behalf and information on the loan application.
An underwriter looks a few factors when reviewing a loan application. These include: employment and income, assets, credit record and the appraised value of the home.
Interest Rates
At some point in time between loan application and a few weeks prior to closing, you will need to lock-in your interest rate. To do this, you must simply contact your Hillsborough representative and fiil-out a form. Your Hillsborough representative will inform you of the current rate for your specific loan program at that time. As far as rate lock periods are concerned, you may contact your Hillsborough representative for additional information.
It is entirely your responsibility to keep in contact with your Hillsborough representative regarding locking your interest rate. Keep in mind that interest rates can change at any time and without notice. Rates can change several times a day. Contact your Hillsborough representative for additional information.
Closing
Woodside Homes and our Sales Agent will coordinate a firm closing date and time with you. Schedule a final walk-through of your new home before closing with the Sales Agent.As part of the closing process a Woodside Homes representative will meet with you and discuss our customer service program. Some of these items may include the following topics:
- Review and Discuss the walk-through items and answer any questions.
- Discuss the procedure of submitting a Service Request
- Review the procedure of handing out of keys. This will happen after the loan has funded and the deed has been recorded with the proper jurisdiction.
- And, review the warranty program and the general coverages.
What's Next?
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