What’s “the right” mortgage for me?

There are many different types of mortgages available and finding the best option for you is our main goal. The best way to start is to think about your own personal goals. For example, how long do you intend to stay in the home? Do you expect your income to grow? How comfortable are you with the idea that your interest rate could change? These (and others) are all factors that go into selecting the right mortgage for you. We offer a wide range of options, and one of Norcom's mortgage experts would be happy to work with you to determine what kind of home mortgage will work best for you.

Home Loan Application

Once you've found a home you wish to purchase, and have determined which type of mortgage is right for you, then it's time to submit your application. This is when you sit down with a Norcom mortgage specialist and provide the documentation you'll need to qualify for your home loan. Some lenders call this the “loan interview.” You can also apply online. Whether you do your application online, or meet face-to-face with a Norcom representative, our goal is to make it as easy as possible for you. We'll meet with you wherever and whenever it's most convenient. However you choose to apply, you'll need to provide the following documentation:

• W2s (past 2 years)
• Most recent paystubs (past 30 days)
• Names, addresses and phone numbers of employers (past 2 years)
• Bank statements for all checking, savings, mutual funds, 401K accounts (past 3 months)
• Other real estate you own, including addresses, annual taxes, insurance, plus leases and tax returns related to any rental income (past 2 years)
• Green Card (if applicable)
• Sales Contract or Purchase Agreement
• If self-employed, 2 years' tax returns (and all schedules and year-to-date profit and loss)
• Copy of Divorce Decree or separation agreement (if applicable)

Your Norcom mortgage specialist will review your documentation to make sure you qualify for the loan you're requesting. If a mortgage isn't right for you right now, we'll tell you. We're not out to just sell you a loan. We're here to help you make the right financial decision.

Home Loan Processing

Once you’ve completed your home mortgage application, we’ll have the information we need to process your loan. It’s also a good idea to ask to “lock in the rate,” since interest rates can change. This will ensure that if mortgage rates go up before you close on your loan, your rate won’t change. We may ask for documentation of the information you provided on your loan application. We’ll also ask you to sign some documents related to the terms and conditions of your loan. Your Norcom mortgage specialist will make sure you fully understand everything every step of the way.

“The Letter”

When your home loan is approved, you’ll receive a letter from us. It’s called “The Commitment Letter.” This document typically includes the amount of money you’re going to borrow, the type of mortgage, the term of your home loan, any points you may be required to pay at closing, the monthly principal and the monthly interest payment. There may also be conditions that need to be met in order to close on your new home.