At Shoreline Mortgage we have worked tirelessly to create one the most efficient loan origination systems in the industry.
* As a company offering mortgages via the Internet, our system eliminates the need for a loan broker and highly commissioned loan officer, the two highest cost components of a mortgage transaction.
* We lend throughout the country from a single location eliminating the cost of brick and mortar branches.
We need information about all the real estate you own to insure we have a reasonable estimate of your net worth and debt-to-income ratios. If you don’t know
the exact value of your real estate holdings, provide your best guess. In most cases that is all we will need to process your new mortgage request.
The information we need about additional assets that you own does not have to be exact. Estimated values are all we’ll need.
Gifts are an acceptable source of down payment, if the gift giver is related to you or your co-borrower. We’ll ask you for the name, address, and phone number
of the gift giver, as well as the donor’s relationship to you. If your loan request is for more than 80% of the purchase price, we’ll need to verify that you have at
least 5% of the purchase price in your own assets. Prior to closing, we’ll verify that the donor had the funds to give (typically thru the donor’s bank/asset
account statement). In addition we will need to verify that the gift funds have been transferred to you by obtaining a copy of your bank receipt or deposit slip to
verify that you have deposited the gift funds into your account.
If you’ll be withdrawing funds from a 401(K) or retirement account to fund your down payment, we’ll ask you to provide evidence that you have the funds
available by providing a recent statement. Prior to closing we will also need to substantiate that you have liquidated the funds to be used. If repayment is
required, we’ll consider that monthly payment as well when calculating your debt-to-income ratios.
We’ll require a copy of the HUD-1 settlement statement on the sale of your current residence to verify that you’ve received sufficient funds for our closing. If the closing of your current home is scheduled for the same day as the closing of your new home, we’ll ask the closing agent on that transaction to provide us with the HUD-1 settlement statement once it has been signed by both seller(s) and buyer(s).
If you’re not sure about the annual real estate taxes for a property you are purchasing, estimate them at 2.00% of the purchase price. If you’re not sure about the annual real estate taxes for a property you are refinancing, use your best estimate. Don’t let this hold up your application. We will wind up confirming the exact property taxes thru the public records as well as the property appraisal.
On a refinance application, the year you purchased the property and the price you paid for it are provided to the appraiser to assist them in finding data about your home through local public records. In addition, if you purchased your home in the last year some of the loan programs we offer require us to compare the original purchase price to the current appraised value so that any large increases in value can be justified.
If you don’t remember the exact year and purchase price of the property an estimate will work just fine
If you’re not sure about exact amounts, please make an educated best guess. If this is a refinance, websites such as Zillow.com and Eppraisal.com may be helpful. The appraisal (and sales contract, if purchase) will ultimately be used to determine the value of the property. With respect to your loan amount you will have an opportunity to adjust it at anytime during the loan process all the way up to and just prior to the loan closing. Once we receive your online application a loan advisor will work with you to ensure that the both structure of the loan and loan amount suits your needs.
If you can’t remember your password, just go back to the online application, and click on the “forgot your password?” link, enter in your email address and we will immediately email you your password.
Our online application is very user friendly. You will not need to type in account numbers (although you may) and can estimate loan payment amounts, bank account balances, etc.
The application is broken down into sections and you can track your progress through each section at the top of each screen. It should take less than 20 minutes to complete the application.
Move through the application by using the “previous” and “next” arrows at the bottom of each screen.
If you need additional help answering a question, click on the Help button at the button at the bottom of each screen.
If you don’t have time to complete the application once you’ve started, we’ll save the information you have completed When you’re ready to finish, return to the site and enter your email address and password to continue.
