Before you actually apply you may want to get "pre-qualified." We will ask you for some general questions about your income and your monthly debts. At your request we may even pull an abbreviated credit report to help you spot any potential problems. After analyzing your financial information, the loan officer will determine how much home you may be able to afford.
Items Helpful For Your Application
- Last two years of W-2s for both Borrower and Co-Borrower
- Last 30 days paycheck stubs
- Last three months bank statements or last quarterly statement
Last two years signed tax returns (corporate or S-corporation also if 25% or greater ownership)
YTD income statement and balance sheet
Applying For Your Home Loan
You will need to fill out an application or we can send you a hard copy of the FNMA/FHLMC Uniform Residential Loan Application via regular mail. We will make sure we have proper and adequate information to proceed with your application. We will begin working immediately on your application which includes sending out the necessary verifications and ordering your appraisal and credit report. You will also receive within a few days disclosures related to your mortgage loan that you will need to sign and return.
Getting Your Loan Approved
Once we've processed your loan file, we will compile the information provided to us in the verifications, appraisal, and credit report. We will review the information to make certain that it meets all the FNMA/FHLMC guidelines for debt-to-income ratios, loan-to-value, credit, etc. Once your file has been reviewed and all requirements have been satisfied, your loan will be approved.
Closing Your Mortgage Loan
After you are approved, we will proceed toward the closing. At this time we will order your survey, title policy, and pest inspection. Once these items are completed, we will be ready for closing. Our attorneys and the title company will prepare and gather the documents needed to close on your home. The Title Company will let you know the amount that you need to bring to the closing in the form of a cash equivalent (i.e. cashier's check, wire). The Seller will sign documents related to the sale of the property and you will sign documents related to both the sale and the loan to purchase the property.
The following Mortgage Officers are available to assist you; they may be contacted at 903-759-0751:
In order to provide homebuyers and the general public with greater information concerning Spring Hill State Bank and the above listed Mortgage professionals, you may visit www.NMLSConsumerAccess.org to obtain administrative and employee information.
In House & Secondary Market Mortgages:
In House Mortgages:
Robert A. Gaddis
Wallace E. Rhymes, III