Purchasing a home is one of life’s major decisions. To help customers through this decision, we at American Interbanc Mortgage are here not only to help with the loan application process, but also to help the customer understand what his/her borrowing options are based on personal finances and the customer’s borrowing needs. We also understand the need to close the purchase in a timely manner, and that you cannot close timely unless your mortgage lender processes and approves your loan in a timely manner. Our Loan Officers will work with you to make sure that contract dates are met. We are here to make this experience as quick, easy, and pleasant as possible while providing top notch service and complete process transparency.
Over the years we have helped numerous customers secure financing for their home. We understand that the purchase process can be overwhelming and confusing at times. As such we have designed our process to be simple and easy to navigate with your Loan Officer. For more information about the typical purchase process, please see below:
Q: What are the benefits of home ownership for first-time buyers?
A: As a homeowner, the customer will be able to:
- Take control: Avoid rent increases and cancelled leases while creating a home that meets the customer’s needs and tastes.
- Build home equity: Grow the customer’s assets with the principal portion of the customer’s mortgage payments as the customer’s property value increases.
- Get tax benefits: Deduct mortgage interest and real estate property taxes on the customer’s income tax returns.
- Build the customer’s credit: Create a strong credit history by making on-time mortgage payments.
Q: How will American Interbanc Mortgage evaluate my mortgage application?
A: We review a number of factors during the mortgage application process including the customer’s income, current debt and credit history, assets and available funds, and we review the property itself.
Q: Can a customer buy a home if I have less-than-perfect credit?
A: In some cases, one or two late payments may not disqualify the customer from obtaining a loan approval. Lenders do not only look at the customer’s credit history, but also at the ability and willingness to pay in the future.
Q: Which mortgage and homeowners costs are tax-deductible?
: Three types of mortgage and homeowners costs may be tax-deductible: discount points, interest paid on a home loan or home equity loan, and property taxes. The customer should consult a tax adviser to determine eligibility.
Q: Is a home appraisal required and who will order them?
A: As part of the loan process, lenders will require a home appraisal to be performed. The appraisal will be ordered by the lender and processed through an appraisal management company and then completed by a licensed appraiser. Customers are typically required to pay for the appraisal before the appraiser sets the appointment.
Below are examples of supporting documents which may be included in a loan file:
- Pay Stubs covering the customer’s most recent two pay periods for each applicant.
- W-2 Forms for the previous two years.
- Two most recent years’ federal tax returns (e.g. for a loan in 2015, the customer need to submit the customer’s 2014 and 2013 federal tax returns). All the pages and all schedules.
- If the customer is self-employed, the two most recent years’ business tax returns are also needed.
- For self–employed or investment income, the two most recent years’ 1099’s and K-1 forms are also needed
- For self–employed business income,year-to-date profit and loss statement and balance sheet.
- For retired customers, copy of Social Security and/or Pension “award letters” detailing the amount of retirement income.
- Two most recent months’ bank statements. All of the pages.
- Homeowner’s Insurance statement(s) for all properties owned showing the customer’s coverage and the annual premium.
- Mortgage statements for all properties owned that have liens.
- Copy of driver’s license or State I.D.card for all customers.
- If divorced, the customer’s fully executed divorce decree.
Note: Additional documentation may be used depending on the specific details of a customer’s loan application.
Rate Lock Policy
At a certain point in the processing of your loan, you will be eligible to request your rate lock. The rate lock secures the market rate then in effect for the lock period that you choose.
Rate Lock Hours:
Lock requests will be accepted from the time we post rates on our website until 4:00 PM PST/PDT Monday through Friday, excluding holidays. No locks will be accepted on holidays. Please use email communications during non-working hours.
Please call 800-724-0004 to speak with a Loan Officer or email (firstname.lastname@example.org) us if you have questions regarding your rate lock.
Volatile Market Conditions
American Interbanc Mortgage reserves the right to suspend lock requests on any business day that market conditions prohibit our ability to execute a lock.
Talk to a Loan Specialist Today
We want you to feel confident about purchasing or refinancing your home. Our experienced loan specialists are here to answer any questions or to address any concerns you may have. Get in touch today to lock in your custom rate or to begin the application process.