Mortgage Loan Process

Speed Up the Home Loan Approval Process

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Present any or all 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

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

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TYPES OF MORTGAGE LOANS

We offer a full range of mortgage products, including Conventional, Federal Housing Administration (FHA), Veteran Affairs (VA), Rural Development and state housing finance agency (HFA) programs.

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.

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PRE-APPROVAL PROGRAM

A thorough review can be provided to help borrowers be more prepared when committing to a purchase contract.

• Borrower requested pre-approval
• Eligible for purchase transactions only
• Pre-Approval only applies where a subject property address has not been identified
• Lender provides written conditional approval letter to the applicant
• Pre-Approval based on proposed sales price, loan amount, and payment amount as presented to Underwriting at time of Pre-Approval

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AFFINITY PROGRAMS

Qualified borrowers can receive $1,025 in lender credit applied toward origination charges. This credit must be applied prior to other credits.

Education 

• Full-time public school district employees and full-time state or federal accredited private/charter school employees are eligible — including teacher, nurse, librarian, guidance counselor, janitor, cafeteria staff, teachers aide or administrative employees.
• Exclusions: Substitute or temporary employees. Academic levels beyond high school.

Nurses

• Full-Time Nursing Services - Means a full-time and licensed or certified employee providing nursing at a: Public or private hospital or public or private practice clinic, Contract nursing, i.e., travel nursing care or home health nurse.
• Examples of Full-time employees such as: Registered Nurse, Licensed Practical Nurse, Nurse Practitioner, Nurse Anesthetist, Nurse Manager, Physician Assistant, Nursing Assistant (CNA)

EMT

• Full-time employees serving in federal, state, or local government emergency medical departments or private EMS departments.
• Examples of eligible workers include emergency medical technicians, licensed paramedics, emergency care attendants.

Firefighter

• Full-time employees serving in federal, state or local government firefighting agencies.
• Examples of eligible workers include firefighter, fire educator, fire trainer, fire inspector, arson investigator, fire administrator.

Law Enforcement  

• Full-time law enforcement employees serving in local, state, or federal agencies.
• Examples of eligible workers include police officers, state troopers, deputies, dispatchers, probation officers, detectives, administrative staff, etc.

Exclusions

• Exclusions: Temporary employees, contract employees, part-time employees, volunteers.

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HOME BUILDER PROGRAM

Qualified borrowers must be clients of approved home builders in Alabama, Arkansas, Florida, and Texas and build in excess of 12 homes per year. Additional builder eligibility requirements could apply, see bank for details.

Program Advantages*

• Lender Credit – eligible borrowers will receive lender credit equal to 1% of the loan amount up to $3,000 to be used in a variety of ways to give significant savings to the borrower.
• Proven Workflow – ensure timely and accurate approvals with Centennial Bank’s proven construction workflow and project oversight.
• Consistent Communication – each builder will be paired with a local loan originator to ensure consistent communication around deadlines, documentation, timing, and loan structuring.
• Comprehensive Eligibility – multiple property types are eligible for participation. Program applies to purchase transactions as well as construction to permanent loans. Loan programs include: Fannie Mae, Freddie Mac, FHA, VA, USDA, Portfolio, Jumbo, and Construction to Perm.
  

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PROFESSIONALS PROGRAM

In honor of your dedication and strong commitment to your profession, Centennial Bank is offering a customized loan program for you.

Eligibility*

• Attorney
• Certified Public Accountant
• Doctor
  • Medical - MD
  • Osteopathic - DO
  • Podiatric - DPM
  • Dental Surgeon - DDS
  • Dentist - DMD
  • Optometrist - OD

Program Highlights

• Up to 100% Financing for Primary Residence*
• Purchase or Refinance*
• Construction or Renovation Loans*
• Mortgage Insurance Not Required
  Second Home Financing Options Available

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SECURE REFI CREDIT PROGRAM

Allows eligible borrowers to purchase a home at existing interest rates.  If rates drop, borrowers can then refinance to a lower rate and save on closing costs with a $1,025 lender credit.

• Close the purchase loan with your Centennial Bank Mortgage Loan Originator from 1/1/2023 thru 6/30/2023.
• If rates go down, make a new application with Centennial Bank so you can lock in a lower rate and close on your refinance by 12/31/2024, to get a $1025 Lender Credit.