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We’ll Make It Easy For You

 

Getting a mortgage loan isn’t complicated when you have a team of experts guiding you every step of the way.

Know the process

 

It’s important that you know what will take place and who is responsible for the various steps in the loan process.

 

Your Trustmark mortgage lender will guide you through the entire process, from beginning to end, so that you can focus on making memories in your new home.

 

 

 

You do your part...

  • Complete a loan application
  • Provide all requested documentation
  • Obtain homeowners insurance
  • Be prepared to pay loan closing costs

 

... and we’ll do ours

  • Review application and documentation
  • Provide loan disclosure package
  • Order appraisal of property
  • Order title search
  • Prepare all loan documents
  • Send all loan documents to the attorney who will close your loan
  • Provide Settlement Statement
  • Deliver a great loan experience for you

Get your ducks in a row

 

Documentation on your income and bank accounts is often required when you apply for a mortgage loan.

 

Gathering this information prior to applying will help move the process along and avoid delays.

Documentation Needed

Not all inclusive and may vary based on type of loan

 

  • Paystubs for the last 30 days
  • W-2 and tax returns for the last year
  • Deposit statements for the last two months
  • Proof of property insurance

 

 

Frequently Used Mortgage Terms

 

Adjustable Rate Mortgage (ARM)

A mortgage loan where the interest rate periodically adjusts (higher or lower).

 

Closing Costs

Closing costs are paid when you sign your mortgage loan documents. Common closing costs may include appraisal fees, tax service fees, title insurance, discount points, and prepaid costs, such as property taxes, homeowners insurance and loan interest until your first payment is due.

 

Closing Disclosure

A mortgage loan closing disclosure provides a list of all charges and credits for each party in the transaction.

 

Debt-to-Income Ratio

This is a measurement of your total monthly debt payments divided by your gross monthly income, which is used to determine if you can repay additional money that you may borrow.

 

Deed of Trust

In some states, a deed of trust is a legal document naming you as the rightful owner of the property.

 

Discount Points

You can pay points in exchange for a lower interest rate on your loan. One point is equal to 1% of the loan amount.

 

Down Payment

Paying additional money towards your loan will lower your monthly payment and may possibly lower the costs associated with your loan.

 

Escrow

An escrow account is a separate account provided for you where a portion of your monthly mortgage payment is held and accumulated for your property tax and/or homeowners insurance and/or private mortgage insurance. Trustmark pays property taxes and/or insurance annually on your behalf from your escrow account.

 

Equity

Equity is the difference between the amount you owe on your mortgage loan and the appraised value of your home.

 

Loan-to-Value Ratio

This measurement compares the amount of your mortgage loan to the appraised value of your property.

 

Private Mortgage Insurance (PMI)

Private mortgage insurance protects the lender in the event that you stop making payments on your loan. You may have to pay PMI if you have less than 20% equity in your home. PMI is in addition to your monthly mortgage payment amount.

 

Title Insurance

Owner's title insurance is optional and protects you should someone make a claim against the homeowner prior to your purchase. Lender's title insurance is required and protects the lender from a claim against the title.