Mortgage Loan Process

Speed Up the Home Loan Approval Process

Present any or all of the of the following to your Mortgage Loan Originator:

Residence History

• Your street address, or addresses, for the past 2 years
• If you rent: your landlord's name, address and phone number
• If you own: your mortgage lender's name and your account number

Employment History

• Name, address and phone number of any employer you've worked for in the past 2 years

Income Information

• Your gross monthly salary or other income¹
• Your year-to-date pay stub
• Your W2 forms for the past 2 years
• Signed tax returns if you worked on commission or if you wish to use interest, dividend or bonus income to qualify for your loan
• If you are self employed, signed tax returns for the past 2 years and current Profit & Loss statement and Balance Sheet
• If you are not currently employed, bring proof of other sources of income (Awards letter or 1099 for two years)

Deposit, Retirement and Equities Account Information

• Name of financial institution, account number and balance on all checking, savings, IRA, retirement, 401(k), stock and mutual fund accounts - including statements for the past two months

Real Estate Information

• Address, market value and loan information on all real estate you own
• Copies of leases on any rental property you own

Fees

• Be prepared to make a payment by check for the credit report

Other

• Please bring a government-issued photo ID (i.e.. driver's license, state-issued non-driver's ID, US military ID)
• If you are applying for a VA Loan, please bring your military discharge papers (Form DD214) and Certificate of Eligibility

TYPES OF MORTGAGE LOANS

We offer a full range of mortgage products, including Conventional, Federal Housing Administration (FHA), Veteran Affairs (VA), Rural Development and Arkansas Development Finance Authority (ADFA).

Fixed Rate Mortgage

• The traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Adjustable Rate Mortgages (ARM)

• Ask our Centennial Bank Mortgage Loan Originator for ARM details. Hybrid ARMS have become increasingly popular and can offer the best of both worlds: lower potential interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.