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Are you a first time home buyer, a Veteran? Do you have bad credit or are you seeking a statement only, business statement only or asset Jumbo home loan? Are you looking for fast money for a real estate investment fix and flip home loan for single family or mixed use properties?
At CambridgeHomeLoan.com we have the right loan product for your real estate home loan or investment real estate purchase.
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What Documents Can You Expect to Provide To Your Lender?
- Most recent pay check stubs covering a 30 day period.
Your latest pay stubs will not only show a gross monthly income but will also show a year-to-date total - Your last two years W2 forms from the previous two years.
- Most recent pay check stubs covering a 30 day period.
- Provide copies of your past few months bank statements.
Most lenders will ask for two month’s of bank statements but your lender may want to see three and throwing a few extra months in cannot hurt.
- Provide copies of your past few months bank statements.
* If you are self-employed, provide your past two years of income tax returns. Both business and personal tax returns in addition to year-to-date P&L (profit and loss) statements.
** All borrowers that will be on the loan application will be required to provide this information
Alternative loan products may require different information. Call for details 800-826-5077
- You will see the following closing costs on your settlement statement.
- Application Fee
- The application fee is an upfront fee that covers the cost for the lender to accept and process a loan file. Ask your lender if this fee is required or can be waived.
- Appraisal Fee
- This charge goes to an appraiser who will provide a written report regarding the current market value of your home by comparing recent sales of similar homes in your area.
- Inspection fee
- The inspection fee is a pass through fee that you will be paid directly to an inspector. The inspector will perform a thorough inspection of the subject property.
- Title fee
- Title insurance is required to protect both the owners and the lender from any unrecorded claims of ownership against the property that may come up after closing.
- Insurance
- Homeowner’s insurance is typically required by the lender and protects the owner and lender against a loss due to natural disasters such as wind, fire, hail or other natural disasters.
- Closing fee
- The closing fee pays a settlement agent who is responsible for making sure that your loan documents are executed and in proper order according to the lender’s specific instructions.
How Long Does It Take To Refinance My House?
- Refinancing your existing mortgage doesn’t take any longer than receiving an approval for a purchase money mortgage. In most cases, a refinance takes less time if the existing loan qualifies for streamline status.
- With a streamline loan qualifying from streamline status, your loan could close in as short as 14 days. The faster all of the correct information is submitted properly, the quicker the underwriter can get your loan underwritten for approval and submit the loan papers to your closer. Timelines will be affected by your lenders own timelines. If you have any urgency or extenuating circumstances relay them to your lender.
- Tips
- Lock your rate as soon as your lender will allow! It is typically not a good idea to wait and lock in your interest rate. If you decide to wait, interest rates could go up. It is a possibility that they can raise to the point where you are no longer qualified. If you have a competitive rate that you are happy with, move forward and lock that rate in. A lender will need you to lock in your rate so they can prepare your closing docs.
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