Your Options

Selecting the right mortgage program is important, and it typically is a balance between the security of predictable payments, and taking advantage of attractive rates that may be available. At Contractors Capital Corporation, we offer a wide variety of mortgages, but you can basically categorize them into two varieties:

Fixed Rate Mortgages lock in your interest rate for the life of the loan. Your total monthly payment of principal and interest remains constant, but the portion of each payment allocated to principal grows.

Adjustable Rate Mortgages (ARMs) generally start lower than the fixed-rate programs but their interest rates can rise, or fall, during the term of the loan.

Our Residential Mortgage Loan Process

Applying for a mortgage

At Contractors Capital Corporation, we strive to make your loan process simple, fast, and hassle-free. The first step of the process is completing the mortgage application. You have the option of applying in person, online, on the phone, or by requesting an application be mailed or faxed to you. At this time, your loan officer will request supporting income, asset, and employment documentation. You will also be asked to sign a set of disclosures, and will be given a Good Faith Estimate (this shows the approximate closing costs and monthly payments for your desired mortgage). A loan officer will discuss your financing options based on your specific housing goals.

Depending on the mortgage option you choose, you will most likely be asked to provide the following items to your loan officer:

One full month of pay stubs.

If salaried or hourly, provide two years of W-2s. If commissioned or if you receive bonuses, also provide two years of complete federal tax returns with all schedules. If you are self-employed, provide two years of complete personal federal tax returns with all schedules, two years of corporate returns with all schedules, and a year-to-date profit and loss statement.

Two months of complete bank statements.

Most recent copy of each 401K, stock, and bond statement, if applicable.

Depending on your circumstances, the following items may also be requested: divorce decree copy, green card or visa copy, rental agreements / leases for each investment property owned.

Getting Approved

To receive an initial approval, our underwriting department evaluates the information you provided at application time and your credit history. Per the underwriter's request, you may be asked to provide additional documentation to facilitate the approval.

Before final approval is granted, an appraisal and title work will be ordered (after receiving a purchase agreement, if applicable). You will also need to lock in on an interest rate with your loan officer. You may be called prior to closing with questions.

Closing

At closing, you will sign the final documents necessary to secure your mortgage. This generally takes place at a title company. At this time, you will present a cashiers' check for your closing costs and down payment (if needed) to settle the loan.