Indiana Mortgage Loan - Chapman Mortgage Corporation - Low Mortgage Loan Rates in Indianapolis Indiana - Indy Mortgages - IN Mortgage Loans

Chapman Mortgage Corporation, call toll free 888-832-4120, local phone 317-883-2604

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Mortgage Loan Steps

Mortgage Loan Steps
1

Organize
Your Documents
2

Get Qualified
3

Research
Rates
&
Programs
4

Apply
for
Loan
5

Get
Approved
6

Close


Step 1 - Organize Your Documents

What documents will I need?

  1. If you are salaried, you will need two years W-2 and one month of paystubs. If you are self-employed, you will need two years tax returns and a YTD profit and loss statement.
  2. Three months bank statements for each account.
  3. If you own rental property, you will need rental agreements and two years tax returns.
  4. Any recent copies of stock brokerage or IRA/401K accounts.
  5. If you are applying for a home equity loan, you will need a copy of the note on your first mortgage.
  6. If you are requesting a cash out refinance, you will need a letter explaining what you plan to do with the proceeds.
  7. A copy of divorce decree, if applicable.
  8. If you are NOT a US citizen, you will need a copy of your green card (front & back).  If you are NOT a permanent resident, provide us with your H-1 or L-1 visa.
Step 2 - Get Qualified

Get pre-qualified to find out how much you can borrow.

When buying a house, you may get pre-qualified or pre-approved. It is now possible to get pre-qualified over the phone or through website in a few minutes. A pre-qualification is not as beneficial as a pre-approval. A pre-approval is a more detailed process which includes verification of your credit, income, assets and liabilities. It is recommended that you get pre-approved before you start looking for a house.

Apply online now!


Step 3 - Research Rates and Programs

Find the rate and loan that is right for you!

It is important that you research different loan programs, not just the current rates. Think about how long you plan to keep the loan. If you plan to sell the home in a few years, you may want to consider an adjustable or balloon loan.

If you plan to keep the house for a longer time, a fixed loan may be best for you. Understand the relationship between rates and points. Points are considered to be prepaid interest which are tax deductible. Each point is equal to one percent of the loan. The more points you pay, the lower the rate you will get.

Shopping for a loan can be difficult. With so many programs, rates, points and fees, it's hard to figure out which program is best for you.  We will research different programs and recommend the ones that will be most beneficial to you.


Step 4 - Apply for a Loan

Apply on-line!

We make it easy to apply for your loan. Use our online application, printable application, or call now. Be sure to have all needed documents.


Step 5 - Get Approved

Once your loan application has been received, we will start the loan approval process immediately. This involves verifying your:

  1. Credit history
  2. Assets including bank accounts, stocks, mutual fund and retirement funds
  3. Employment history
  4. Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval, follow these steps...

  • Fill out the loan application completely. Consult your loan officer if you need assistance.
  • Promptly respond to requests for additional documents. This is important if your rate is locked or if you plan to close by a certain date.
  • Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney to authorize another individual to sign on your behalf.
  • Do not move or deposit money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
  • Do not make any major purchases (i.e. car, furniture, other loans, etc.) Anything that causes your debts to increase might have an adverse affect on your current application.
Step 6 - Close

Close Your Loan Quickly!

After your loan is approved, you will sign the final loan documents. This will usually take place in the presence of a notary public. Be prepared to:

  • Bring driver's license or other valid identification.
  • Bring a certified check for your down payment and closing costs if required.
  • Review the final loan documents. Make sure that the interest rate and terms are what you agreed to. Verify all names and addresses for accuracy on all documents.
  • Sign the loan documents.

Your loan will normally close shortly after you have signed all of the required documents. On refinance and home equity loan transactions, federal law requires a 3-day review period before your loan transaction can close.




Chapman Mortgage Corporation
8001 South Meridian St.
Indianapolis, In 46217

Phone 317-883-2604
Toll-free 888-832-4120
Fax
888-832-3420
Email:
info@chapmanmortgage.com




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Indiana Mortgage Loan - Chapman Mortgage Corporation - Low Mortgage Loan Rates in Indianapolis Indiana - Indy Mortgages - IN Mortgage Loans











Chapman Mortgage Corporation
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Chapman Mortgage Corporation Site Map

Home - Lists some of the mortgage loans and mortgage services offered including 10, 15, 20, 30 year mortgages, fixed rates, adjustable and variable rates, over 100% financing, no income verification loans, mortgage loan refinance, va mortgage loans,  no closing cost mortgages, mortgage loans for a home purchase, construction loans,  fast mortgage approvals, jumbo mortgage loans, 3, 5, 7 year arm products, commercial mortgages, interest-only mortgage loans, and balloon mortgages.

About Us - Company Information.  Chapman Mortgage Corporation provides first and second mortgages, refinances, home equity lines of credit, money for home improvements; whatever a family's dream, we can make it happen.

Mortgage Loan Types - Explains mortgage loan types and offers pros and cons of each.  Information on fixed rate mortgages, adjustable rate mortgages, VA loans, stated income programs, no point, no fee programs, imperfect credit programs, home equity line of credit, and home equity fixed loans.

Mortgage Process - Describes the steps involved in obtaining a mortgage loan.  Explains documents you will need for mortgage loan approval, getting pre-qualified or pre-approved, research mortgage rates and mortgage programs, how to apply online with our online mortgage application, mortgage loan approval, and mortgage loan closing.

Mortgage Calculator - We offer two mortgage calculators to help you calculate your mortgage loan payment.  A Monthly Mortgage Payment Calculator and Full Mortgage Loan Amortization Calculator.

Contact Us - send Chapman Mortgage Corporation an email.

Privacy Policy - At Chapman Mortgage Corporation, we are committed to protecting your privacy online. We created our Privacy Policy in order to demonstrate our firm commitment to protecting the privacy of our visitors.