Western residential mortgage
Western residential mortgage is a mortgage company located in Phoenix, Arizona and Las Vegas, Nevada. The aim is to make the whole loan process easy and simple for their customers so that they can apply for the loan easily. They offer one of the best customer services that has helped their organization grow and become one of the most sorted mortgage companies the Arizona and Nevada. Regardless of whether you wish to refinance for a low rate mortgage rate or get a new mortgage loan they are there to help you out at every step. They put their customers first and give you the best transaction possible.
Their website has been designed to give answer the questions to their customers. They have a mortgage calculator made available at their website and you can take the help of this calculator to know your monthly payments and also the interest rate that would be charged. You can also make use of their debt consolidation calculator and make use of their loan selector to choose the best loan program that suits your needs and requirements.
The loan process at Western Residential
They have an accurately documented loan application that helps the loan process go easily. When you wish to fill out the loan application for Western Residential Mortgage then you are required to complete the loan application and sign the form 1003 that is to be attached with the loan information sheet. In case you are a salaried person then you are required to provide the W-2?s for the last two years and the pay stubs for one month. In case you are a self-employed person then you are required to provide the tax returns for the last two years, which should include all the schedules and the YTD profit and loss documents.
If you are an owner of a rental property then you are required to provide the rental agreements and also the tax returns for the last two years. To speed up the process of loan approval at Western residential Mortgage you are required to provide your bank statements for the last three months. If you can then, also provide the latest statements for the stock, IRA/401K accounts, and mutual funds.
If you are a divorcee then you should provide a copy of your divorce decree and also the settlement agreement. In case you are not a citizen if the U.S then you are required to provide a copy of your green card. In case you don?t have one then a copy of your L-1 or H-1 visa is to be provided. In case you have filed bankruptcy then you are required to provide all documents of the discharge notice and the filing schedules of the creditors.
Getting a pre-qualification
If you get a pre-qualification for the Western Residential Mortgage loan then it can help you in getting to know how much can you borrow. You can either opt for pre-qualifying over the phone or by filling an online application.
The pre-qualification for the loan is a more rigorous process as compared to the actual process. It involves the verification of your credit, assets and also liabilities.
When you get a pre-qualification you get to know the maximum amount that you can borrow, your home value according to the estimated appraisal, the tentative interest rate that you would be charged. Getting a pre-qualification is a benefit for you as you are in a better position to negotiate with the seller, as you know that you are already pre-approved of the loan and you can make a decision quickly.
Loan programs with Western Residential Mortgage
The loan programs with Western Residential Mortgage include:
Fixed Rate Mortgages: These include 30-year fixed rate mortgage or 15-year fixed rate mortgage. With this you can have the same interest rate and the monthly payments are also fixed.
Adjustable Rate Mortgages: Under this loan program you have 10/1 ARM; 7/1 ARM; 5/1 ARM; 3/1 ARM; 1 year ARM; 6 month ARM and 1 month ARM mortgage programs. With these programs your interest rates keep changing with the market interest rates.
Balloon Mortgages: With this program you can have 7-year or 5-year mortgage and initially enjoy a lower monthly payment towards the loan.
First Time Buyer Programs: This program is especially designed for first time homebuyers and they can have the advantage of a lower down payment and can also qualify for lower rates.
Stated Income Programs: With this loan program you do not have to provide any income verification, you get a faster approval and this is a good option for borrowers who cannot qualify for a full income documentation program.
Interest Only Programs: With this loan program you can have different type of payment options. You can enjoy a lower monthly payment and also qualify for a larger amount of loan.
No point, No fee Programs: This loan program aims at no closing costs for the loan. the lender makes payments toward the closing cost and you can refinance without increasing your loan amount.
Imperfect Credit Programs: This program is meant for borrowers who have a bad credit history. This is basically meant for re-establishing credit and for debt consolidation.
Home Equity Line of Credit: With this program you can borrow an amount that you need and pay the interest only towards the amount that you borrow.
Home Equity Fixed Loan: This involves fixed payments and the interest on this mortgage program might be tax deductible.
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