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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.
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.
Not all inclusive and may vary based on type of loan
Adjustable Rate Mortgage (ARM)
A mortgage loan where the interest rate periodically adjusts (higher or lower).
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.
A mortgage loan closing disclosure provides a list of all charges and credits for each party in the transaction.
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.
You can pay points in exchange for a lower interest rate on your loan. One point is equal to 1% of the loan amount.
Paying additional money towards your loan will lower your monthly payment and may possibly lower the costs associated with your loan.
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 is the difference between the amount you owe on your mortgage loan and the appraised value of your home.
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.
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.