Here is a standard list of documents we’ll need upon submission of your loan application to start the loan process. The list varies by customer because not every item applies to every borrower.

Credit is a crucial part of the loan approval process and can greatly affect your loan approval, rate, and more. There is a lot to know about credit and the more knowledge you have on the topic the more you can help yourself when it comes to getting a loan.

I get this a lot – and it’s a great question. One of the well-known facts in the industry are that there are special programs for first time buyers to encourage home buying. This is really one of my specialty areas – I have always done a lot with first time buyers and I consider myself an expert in the programs offered and the extra time and detail needed to properly explain EVERYTHING there is to know about buying a home. To answer the question – yes – there are many first time buyer programs available and Leader Bank has a great variety to offer.

PMI is short for Private mortgage insurance. Private mortgage insurance is an insurance the bank requires some buyers to pay as a penalty for not putting 20% down payment. Essentially the bank takes on more risk when the buyer doesn’t have enough “skin in the game” for which 20% happens to be the fine line. When you put down 0, 3%, 5%, 10% or even 15% the bank wants added protection that you won’t default on the loan. This is accomplished by having a 3rd party insure the loan so that the bank won’t suffer the loss of the loan.

Why doesn’t everybody get the same rate? Fair question. Rates are based on risk, and there are many different factors that go into how the bank assesses risk. Below is a list of items that can have an impact on your rate: