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Whether you are in the market for a new home or want to refinance your existing mortgage, South Coast Bank & Trust has a mortgage loan program to meet your needs.
Mortgage Account Specialist
A home purchase is often one's largest and most important asset. Home is a place of refuge. Home is a place for family. Home is a place of memories. As the real estate collapse and subsequent economic downturn demonstrate, it is very important that careful consideration is given to the type of mortgage you obtain. South Coast Bank & Trust never sacrificed its principles to chase subprime profits. We have never maintained a solely commission based staff paid only on volume. South Coast Bank & Trust has always strived to provide its customers the mortgages that they need and can afford.
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Conventional Fixed Rate Loan
Conventional fixed rate mortgage loans offer the best rate and term combinations available and can be used to purchase or refinance a home. Credit standards and down payment requirements are generally higher for conventional mortgage loans.
FHA Mortgage Loan
Government backed FHA loans offer lower down payment options than conventional financing, relaxed qualifying guidelines and fixed rates with a variety of repayment terms for qualified applicants.
To prepare for your appointment with a mortgage lender, bring the following information with you.
- Copy of your Purchase Agreement
- Your two most recent pay stubs with year-to-date earnings. If you have had more than one job this year, provide your final pay stub from your previous employer
- The two most recent years' W-2s
- Your two most recent bank statements, or if the cash to close your loan comes from another source, provide documentation
- Your residence history for the last two years (we will need the name and address of the landlord/mortgage holder)
- Current homeowners' insurance provider and payment amount (if applicable)
- Current property taxes (if applicable)
- Loan and/or credit card information, including name, address, and account number of creditor
- Gift letter from relative(s) if equity funds will be gifted
- Construction contract, plans, and specs (construction loans only)
- Signed relocation agreement if your employer is paying for your move
- Divorce decree/stipulation if alimony, child support, or property settlement is involved (Note: alimony, child support, or separate maintenance income need not be revealed if you choose not to have it considered for paying the loan)
- Letter of explanation for adverse credit or an employment gap