Financing
RMS Preferred Lenders
RMS Realty and Marketing Services works with two preferred lenders. We have selected these companies for their professional reputations, exceptional services, and extensive selection of home loan products.
The Mortgage Loan Process
Once you have signed a contract to purchase a home, you will need to make an appointment for your mortgage loan application with one of our Preferred Lenders or another lender of your choice. Please ask your Community Sales Agent for contact numbers for our Preferred Lenders. It is important that this process is started as soon as possible; we require you to be approved for a loan within 5 business days of the acceptance of your contract.
Applying For Your Loan
When you apply for your loan you will be asked to provide certain information which will accelerate the processing and approval of your loan. Some of the information listed below may not apply to you and in some instances additional information may be required.
Common Information Requirements:
- Residence address for the past two years along with landlord information if applicable.
- Name and address of employer for the past two years.
- Complete bank statements for checking and savings accounts for the most recent two months.
- Complete statements for stock and investment accounts for the most recent two months.
- Names, account numbers, balances and monthly payment on all open loans.
- Address of other real estate owned and appropriate loan information.
- Current pay stubs and W-2’s for the past two years.
- Past two years tax returns if you are self-employed.
- Copy of divorce decree if you are applying or receiving child support and/or alimony.
- For VA loans please provide a certificate of eligibility or a DD 214, credit report and appraisal fees. You will be reimbursed for the appraisal fee at closing.
In some cases a loan can be approved within 24 hours. As soon as your loan is approved, you will be notified by your lender and will be provided with the conditions of your approval. Notify your loan officer immediately of any changes concerning your employment status, debts, assets, or other circumstances. Any changes can delay closing your loan.
Making Selections/Change Orders
If you are buying a SPEC, or a home that is already built, changes and selections may not be available depending on the progress of the house at the time of the contract signing. Contact your agent with any questions regarding selections/changes. Any additions to your contract MUST be in writing.
5 Ways to Improve Your Credit While Trying to Purchase a Home
Correct Blatant Mistakes: Your credit score is only as good as what shows up on your credit report. Review your reports from all three credit bureaus for accuracy. Changing a mistake on your report, such as a payment that is incorrectly labeled as late, can take 30 days to three months.
Pay Your Bills on Time: This is always a good practice, but it is especially CRITICAL that you make prompt payments as you begin your home search. A late or missed payment in recent months is likely to lower your score much more than an isolated missed or late payment 5 years ago.
Reduce Your Credit Card Balances: A heavily weighted factor in your credit score is how much money you owe on your credit cards relative to your total credit limit on those particular cards. Generally, it’s good to keep your balances at or below 25 percent of your credit card limit.
Pay Off Debt Rather Than Move it Around: Paying down your revolving credit and credit cards is an effective way to improve your credit score. In fact, owing the same amount but having fewer open accounts may actually lower your score. In other words, consolidating is not necessarily the best way to pay down credit, especially when you are attempting to get a loan. DO NOT MAKE A MAJOR PURCHASE! (i.e. a new car, furniture, etc.) This will only increase your debt to income ratio and can bring your credit score down significantly.
Don’t Close Unused Credit Card Accounts Near Loan Time: If you have several credit card accounts open but you are only using a few of them, you’ll only raise your balance-to-limit ratio if you close the unused cards. Don’t open any new accounts either.