Mortgage Loans
A co-signer or co-borrower is someone who agrees to take full responsibility to pay back a mortgage loan with you. This person is obligated to pay any missed payments and even the full amount of the loan if you don’t pay. Some mortgage programs distinguish a co-signer as someone who is not on the title and does not have any ownership interest in the mortgaged home. Having a co-signer or co-borrower on your mortgage loan gives your lender additional assurance that the loan will be repaid. But your co-signer or co-borrower’s credit record and finances are at risk if you don’t repay the loan.
A credit history is a record of your credit accounts and your history of paying on time as shown in your credit report. Consumer reporting companies, also known as credit reporting companies, collect and update information about your credit record and provide it to other businesses, which use it make decisions about you. Credit reports have information about your credit activity and current credit situation such as your loan paying history and the status of your credit accounts.
Your debt-to-income ratio is all your monthly debt payments divided by your gross monthly income. This number is one way lenders measure your ability to manage the monthly payments to repay the money you plan to borrow.
Earnest money is a deposit a buyer pays to show good faith on a signed contract agreement to buy a home. The deposit is held by a seller or third party like a real estate agent or title company. If the home sale is finalized or “closed” the earnest money may be applied to closing costs or the down payment. If the contract is terminated for a permissible reason, the earnest money is returned to the buyer. If the buyer does not perform in good faith, the earnest money may be forfeited and paid out to the seller.
An escrow account is set up by your mortgage lender to pay certain property-related expenses, like property taxes and homeowner’s insurance. A portion of your monthly payment goes into the account. If your mortgage doesn’t have an escrow account, you pay the property-related expenses directly.
Residential Construction Loans
Contact a loan officer today to apply for financing at West Gate Bank and a receive free pre-qualification consultation regarding your construction loan and final mortgage loan. In addition to completing a loan application, we typically collect the following documentation:
- Two recent paystubs
- Two years of W2’s and tax returns (business tax returns, if applicable)
- Recent bank statements (checking, savings, retirement, etc.)
When you choose West Gate Bank for your home construction financing, our team of experienced lenders will help you through every step in the construction project, helping to protect you and your investment. Our Residential Construction team provides:
- Quick and easy approval process
- Responsive service
- Quick turnaround on monthly draws
- Customized lending solutions.
Sometimes your financial situation might be as unique as the home you are planning to build. This is where working with a local bank is crucial. We are not a "one-size-fits-all" bank, and can tailor your loan to your specific needs or financial situation.