WHY INTERATE?

Finding the right home can often seem like an impossible dream. There are so many considerations along the way. Price, Location, Style, Convenience, and of course, Financing.

Interate Mortgage Corporation is well positioned to help you as a Massachusetts Mortgage lender or broker (License # MC0023). We are also licensed by the New Hampshire Banking Department as a Mortgage lender or broker and  a Mortgage lender in the state of Maine.

The mortgage process does not have to be a complicated mystery. Whether you're buying a new home or refinancing your current one, Interate Mortgage Corporation will help you make some real headway.

We'll explain the basic process involved when you apply for your home mortgage loan with us.

With this information, we will make it easier to open the door to your home owning dreams.

APPLYING FOR A MORTGAGE

Once you've found your home, contact us and one of our representatives will help you begin the application process and you're on your way. (Consult the checklist in this brochure for the information you'll need to supply.)

LOAN PROCESSING

Once your application is submitted, it is forwarded to your loan processor. With the opening of your loan file, we check on some necessary financial information. Some of the items we order and verify are:

• Credit reports

• Property appraisal

• Employment and funds on deposit

• Loans and other Debts

Interate Mortgage Corporation doesn't tie up the loan process with a lot of red tape. We want you to get involved, to help move the process along. Phone the credit office at your bank, and the payroll department of your place of employment, alert them to the upcoming inquires and request that all forms be returned to Interate Mortgage Corporation promptly.

As your file develops we may request additional information. There is no need to worry should this occur, as such information may help to expedite your loan.

CLOSING AND COMMITMENT

When your loan has been approved, you will receive a mortgage commitment letter stating the exact terms and conditions of your mortgage. Please read it carefully.

After your acceptance of the commitment letter, Interate Mortgage Corporation will forward your loan to an assigned convenient attorney. Once the attorney completes a legal portfolio on your property and all conditions in your commitment letter are met, congratulations! You're ready to schedule your loan closing.

APPLICATION CHECKLIST

1. Copy of Purchase and Sales Agreement, or accepted offer to purchase, or copy of the listing.

2. Name and telephone number of the person to contact for access to the property for appraisal purposes.

3. Address of residence of the last two years.

4. Names and addresses of employers for the past two years.

5. Copy of most recent pay stub.

6. If self employed, commissioned, or earning substantial dividend or interest income, include the past two years of federal tax returns signed on the second page. Include all schedules (partnership, Corporate, or K-1's if applicable.)

7. Names, addresses, account numbers, balances for all accounts with financial institutions ( checking, savings, money market, stocks, bonds, etc.)

8. Names, address, account numbers, balances, and monthly payments for loans and mortgages.

9. For all other real estate owned included leases, tenant-at-will agreements, tax bills, and condo fee checks.

CLOSING CHECKLIST
Buyer's Responsibility

1. Home Owner's Insurance Policy or a binder with a paid receipt.

2. Certified funds for the balance of the down-payment and closing costs.

3. If the property is a condominium, a 6-D certificate must be obtained, which verifies that the condo fees are up to date.

4. If the property is a condominium, a certificate of insurance naming the borrower as the unit owner.

Seller's Responsibility

1. Deed

2. Smoke Detector Certificate

3. 1-4 Family - a final water and electric reading.

4. Most recent paid tax bill

UNDERWRITING

As soon as your loan is fully processed it is forwarded to the underwriter. It is the underwriter’s job to see that your loan package conforms to specific investor requirements.

Interate Mortgage Corp. is a mortgage banking organization originating loans for sale to outside investors. The most common investors are the Federal National Mortgage Association (FNMA, or 'FANNIE Mae"), and the Federal Home Loan Mortgage Corporation (FHLMC, or 'FREDDIE MAC").

Getting you a mortgage is Interate Mortgage Corp.'s number one priority. When your loan package meets the specific requirements of the investor, your loan is approved.

SERVICING YOUR LOAN

Our sub-servicer is responsible for processing your monthly payments. Our closing attorney will supply you with an instruction package for making payments, and a mortgage hot line for any questions you might have regarding your loan.

We hope this guide has helped you understand the basics of the mortgage process. At Interate Mortgage Corporation, we're committed to getting you the best mortgage at the best possible rate. We understand how important that "dream house" can be.