| PRINTER FRIENDLY VERSION | |
 |
FINANCING TIP SHEET |
|
|
|
If you'll be
using financing, first get yourself pre-approved for a home loan by
completing a loan application. This will tell you the price range of
homes to look at and it will give you a competitive edge with sellers when
you make your offer on the home that you finally choose to purchase.
Be prepared to present your pre-approved certificate to your agent when you
start to shop for a home. |
|
|
When getting
qualified for a loan, find out what types of loan programs you qualify for
and what money is needed for a down payment and closing costs. Not all homes will
qualify for every type of loan. It's important to know this
information ahead of time. Example: don't try to buy a fixer-upper with a VA loan. |
|
|
There are many
types of lending institutions. Don't be afraid to shop around, ask
questions, compare costs, and find out who will be doing the actual loan
processing. |
|
|
Lenders that offer home loans with the second mortgage market usually
offer more options as far as interest rates, down payments, points, length
of mortgage, etc. However, local banks can offer much faster processing
time and fewer closing expenses with more down payment . |
|
|
Once
you find the home you want, your offer to purchase will require earnest
money which becomes part of the purchase price. Upon acceptance of
your offer, this money is deposited in the listing broker's trust account
until the closing. |
| WHAT YOU NEED FOR YOUR LOAN APPLICATION | |
|
|
Social Security
Number |
|
|
Residence
Address for last 2 years (Landlord information if renting) |
|
|
Name, Address
for each employer for last 2 years |
|
|
Name, Address,
Account Numbers, Balance, Monthly Payments on any Loans, Credit Cards, etc. |
|
|
Two months bank
statements |
|
|
Names,
Addresses, Account Numbers & Balances for Checking/Savings Accounts |
|
|
Money for Credit
Report & Appraisal Fee (when ready to buy) |
|
|
Most current pay
stub covering one month and W-2's for two years |
|
|
For
Veterans: Certificate of Eligibility or DD214 |
|
|
Self-employed:
2 Years Tax Returns |
|
AREA LENDING INSTITUTIONS |
|
|
|
Valley Bank, Fairfax 507-426-7222 |
 |
State Bank of Gibbon, Gibbon 507-834-6556 |
|
|
Wells Fargo Home Mortgage, New Ulm 507-354-3100 |
|
|
MinnWest Bank, Gibbon/Redwood Falls 507-834-6577 & 637-5731 |
|
|
First National Bank, Fairfax 507-426-7242 |
|
|
Valley Bank & Trust, New Ulm 507-233-4700 |
|
|
Citizen's Bank Minnesota, New Ulm 507-354-3165 |
|
|
Alliance Bank, New Ulm 507-354-3133 |
|
|
Americana Bank, Sleepy Eye 507-794-3551 |
|
|
First Security Bank, Sleepy Eye 507-794-3911 |
|
|
Bremer Bank, Redwood Falls 507-637-2981 |
|
|
ProGrowth Bank, Gaylord 507-237-5535 |
|
LINKS |
|
|
|
City of Fairfax |
|
|
Fairfax Civic and
Commerce |
|
|
Fairfax Library |
|
|
Fairfax Motel |
|
|
Home Ownership Center |
|
|
Minnesota Department of Natural Resources - Fort Ridgely |
|
|
Prairie Lutheran Schools |
|
|
Renville County |
|
|
Renville
County Historical Museum |
|
|
Southwest Minnesota Foundation |
Real Estate Listings | Fairfax Area | Financing Tips & Links | Contact Us | HOME
