Mortgage Loan Process

Speed Up the Home Loan Approval Process

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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

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 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.

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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, retired 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, retired employees, part-time employees, volunteers.