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Category: Mortgages

Application

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Can someone apply for a mortgage before he/she finds a property to purchase?
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Can someone apply for a mortgage before he/she finds a property to purchase?

Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now, we could issue an approval subject to you finding the perfect home.

You can use the pre-qualification letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-qualification letter for a mortgage may give more weight to any offer to purchase that you make.

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Will I be charged any fees if I authorize my credit information to be accessed?
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Will I be charged any fees if I authorize my credit information to be accessed?
There is no charge to you for the credit information we'll access with your permission to evaluate your application online. You will only be charged for a credit report if you decide to proceed with the application process.
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Will the pulling of my credit score for my mortgage application typically affect my credit score?
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Will the pulling of my credit score for my mortgage application typically affect my credit score?
An abundance of credit inquiries can sometimes affect your credit scores since it may indicate that your use of credit is increasing. But don't get too worried! The data used to calculate your credit score doesn't include any mortgage or auto loan credit inquiries that are made within the 30 days prior to the score being calculated. In addition, all mortgage inquiries made in any 14-day period are considered one inquiry. Don't limit your mortgage shopping for fear of the affect on your credit score.
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How is it typically decided what is needed from someone to process their loan application?
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How is it typically decided what is needed from someone to process their loan application?

We take full advantage of an advanced underwriting system that allows us to request as little information as possible to verify the data you provide during your loan application. In most cases, your last two years' of W-2's and most recent pay stubs can be used to verify your income and last two months' bank statements can be used to verify the assets needed to close your loan. 

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Is there a fee charged or any other obligation if I complete the online application?
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Is there a fee charged or any other obligation if I complete the online application?

There's no cost for completing our application. However, once you submit your application we will ask for a deposit to cover the cost of the appraisal and final credit report so we can begin to process your request.

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Does MutualBank provide financing for manufactured homes?
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Does MutualBank provide financing for manufactured homes?

We define manufactured homes as housing units that are factory built with a steel undercarriage that remains as a structural component and limits the structure to a single story. These types of manufactured homes are sometimes known as mobile homes.

We do not consider other factory-built housing (not built on a permanent chassis), such as modular, prefabricated, panelized, or sectional housing, to be manufactured housing.

If your home is one of these types, please complete the application indicating that your home is a single family home. In order to qualify for our loan programs, a manufactured home must meet the following requirements:

  • Must be built on a permanent chassis and attached to a permanent foundation systemMust be a one-family dwelling that is legally classified as real property.
     
  • The towing hitch, wheels, and axles must have been removed and the home must be permanently attached to a foundation system that meets state and local codes as well as the manufacturer’s requirements.
     
  • The foundation system must be appropriate for the soil conditions for the site and meet local and state codes.
     
  • The land on which the manufactured home is situated must be owned by you. We do not provide financing for manufactured homes located on rented or leased land.
     
  • Must have been built in compliance with the Federal Manufactured Home Construction and Safety Standards that were established on June 15, 1976.

Generally, compliance with these standards will be evidenced by the presence of a HUD Data Plate that is affixed near the main electrical panel of the home or in another readily accessible and visible location. - Must be at least double-width, 24 feet wide, and have a minimum 600 square feet of gross living area. Must be acceptable to typical purchasers in the market area.

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How will a past bankruptcy or foreclosure typically affect someone’s ability to obtain a new mortgage?
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How will a past bankruptcy or foreclosure typically affect someone’s ability to obtain a new mortgage?

If you've had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage. Unless the bankruptcy or foreclosure was caused by situations beyond your control, we will generally require that two to four years have passed since the bankruptcy or foreclosure. It is also important that you've re-established an acceptable credit history with new loans or credit cards.

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I am relocating because I have accepted a new job that I haven't started yet. How should I complete the application?
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I am relocating because I have accepted a new job that I haven't started yet. How should I complete the application?

Congratulations on your new job! If you will be working for the same employer, complete the application as such but enter the income you anticipate you'll be receiving at your new location.

If your employment is with a new employer, complete the application as if this were your current employer and indicate that you have been there for one month. The information about the employment you'll be leaving should be entered as a previous employer. We'll sort out the details after you submit your loan for approval.

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If someone is selling his/her current home to purchase another home, what type of documentation will he/she typically be required to provide?
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If someone is selling his/her current home to purchase another home, what type of documentation will he/she typically be required to provide?

If you're selling your current home to purchase your new home, we'll ask you to provide a copy of the settlement or closing statement you'll receive at the closing to verify that your current mortgage has been paid in full and that you'll have sufficient funds for our closing.

Often, the closing of your current home is scheduled for the same day as the closing of your new home. If that's the case, we'll just ask for a copy of the signed purchase agreement and/or listing agreement and then you can bring your settlement statement with you to your new mortgage closing.

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Does someone typically have to provide information about his/her child support, alimony or separate maintenance income on their mortgage application?
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Does someone typically have to provide information about his/her child support, alimony or separate maintenance income on their mortgage application?
Information about child support, alimony, or separate maintenance income does not need to be provided unless you wish to have it considered for repaying this mortgage loan. 
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These questions and answers are provided for general information only and may not be completely accurate in every situation. The information provided is not legally binding on MutualBank or any of its affiliates or subsidiaries. For assistance with specific questions regarding your account(s), please contact us.

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