Plantation Properties
Design Center
349-A Foutch Drive
Cookeville, TN 38501
Phone 931-525-6691
Fax931-525-6690 |
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| Financing Options |
Ask about 1-0 Buydown on 1st Year Mortgage Rate
Ask about paid closing cost assistance
Ask about 100% Financing
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| Loan Application |
This is perhaps the most important part of the mortgage process. During this process your Mortgage representatives will ask for information pertaining to your income, assets, and liabilities. Once this information has been collected your Mortgage 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 year's 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.
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| Credit Report |
A credit report will be obtained as part of the loan application process. The credit report will show your payment history, credit limits, monthly payments, and current balances.
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| Verification |
We will verify the information disclosed on your initial loan application (i.e. income, assets, and liabilities).
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| Property Appraisal |
Your Mortgage company will order a property appraisal from a licensed real estate appraiser on the property in which you are purchasing. The appraisal is done to determine the value on the property being purchased and your loan amount.
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| Underwriting |
A loan decision will be issued based on four factors - income, assets, credit record, and property value. An Underwriter will review the information on your loan application and the information collected on your behalf. Additional information or documentation as required by the loan program guidelines may be requested.
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| Interest Rate |
You have the opportunity to establish an interest rate guarantee or "lock" the interest rate during the process up to ten days before your closing. Keep in mind that interest rates may change somewhat each day. Only you can make the decision to lock the interest rate on your loan.
It is your responsibility to contact your Mortgage representative to determine the interest rate and lock in your loan. Keep in mind that interest rates can change at any time and without notice. Rates generally change a little bit each day, sometimes better - sometimes worse. Sometimes rates can changed several times a day. If you know that the financial markets are going through a particularly volatile period, you may want to check with your Mortgage representative periodically to make sure rates are at a comfortable level.
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| Closing |
Plantation Properties and our closing agent will coordinate a firm closing date and time with you.
Schedule a final walk-through of your new home before closing to make sure it is ready for you and to ensure that any contingencies specified in the commitment letter about the home's condition have been satisfied.
Your Mortgage representative will provide you with the amount you will need to bring to closing. Funds needed for closing must be in the form of a certified check or cashier's check.
Your Mortgage representative will go over the settlement charges with you and have you execute the Note and other applicable closing documents.
Congratulations! You are now a homeowner! |
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