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Mortgage Tips & Tools

Ready to purchase a house or refinance your existing home? These tools can take the guess work out of choosing what program is right for you. For a personalized loan consultation, contact us today at 757.499.4303.
Dragas Mortgage Tips & Tools


Dragas Mortgage CalculatorUse our loan calculator to determine how a Dragas loan can fit into your budget. When you are ready to pre-qualify for a loan, simply click the 'Pre-Qualify' button.

Loan Amount $
Interest Rate (%)
Years
Monthly Payment (P & I)* $

  *Principle and Interest only. Does not include real estate taxes, homeowner
insurance, mortgage insurance or association fees.



A Check List Of What Is Needed To Process Your Loan

  • Copy of paystubs/LES covering most recent 30 day period for all applicants OR Social Security Award Letters
  • Copy of W-2s for last 2 years for each applicant along with any 1099s
  • Signed copies of last 2 years personal and business Tax Returns with all schedules. (If self employed or commissioned)
  • Year-to-date Profit and Loss Statement and Balance Sheet signed by borrower and preparer. (If self employed)
  • Copy of bank statement and investment accounts for past 2 months. Must have all pages of each statement. Note: any large deposits to bank accounts that are not income related must be sourced and documented.
  • IDs for all applicants: Driver’s License, or Passport or Military ID (both sides)
  • VA Certificate of Eligibility. If you do not have it, we will order it for you. (If obtaining VA loan)
  • Copy of DD214 (Member 4 copy), if not active duty (If obtaining VA loan)
  • Copy of Statement of Service, if active duty If you are transferring, We will need your Transfer Orders
  • $50 Credit Report Fee for each unmarried applicant
    $450 Appraisal Fee
  • Fully executed copy of Hud-1 (Settlement Statement) from most recent VA loan OR Certificate of Satisfaction for previous VA loan. (If obtaining VA loan)

PLEASE NOTE THAT THIS IS A BASIC LIST OF ITEMS TYPICALLY REQUIRED TO PROCESS A MORTGAGE LOAN APPLICATION. ADDITIONAL ITEMS MAY BE REQUIRED BASED ON YOUR CIRCUMSTANCES AND LOAN PROGRAM.

Glossary Of Mortgage Lending Terms

Adjustable Rate Mortgage (ARM)
A mortgage in which the interest rate is adjusted periodically based on a pre-selected margin, index and adjustment interval.

Annual Percentage Rate (APR)
A uniform measurement of the cost of a loan, including interest and financed costs of closing, expressed as a yearly percentage rate.

Appraised Value
An opinion of a property’s fair market value based on an appraiser’s knowledge, experience, and an analysis of the property utilizing recent comparable sales and market conditions.

Certificate of Eligibility
The document that qualified veterans must obtain from the VA in order to pre-qualify for a VA guaranteed home loan.

Closing Costs
Expenses over and above the price of the property incurred by buyers and sellers when transferring ownership of a property. Closings costs normally include an origination fee, property taxes, charge for title insurance and escrow costs, appraisal fees, etc. Closing costs will vary according to the area of the country and the lender used.

Combined Loan to Value Ratio (CLTV)
A comparison, expressed as a percentage, of the combined cost of all mortgages on a home and the value of the home used to secure the loans.

Conventional Loan
A mortgage not insured by the FHA or guaranteed by the VA.

Credit Score
A statistical summary of the information contained in a consumer’s credit report. With this formula of credit scoring, a numerical value is assigned to various pieces of information in the credit report, then a summary score is produced.

Debt-to-Income Ratio (DTI)
The relationship, expressed as a percentage, between a borrower’s monthly obligations on long-term debts and his or her gross monthly income.

Discount Point
Fee paid to a lender at closing and used to prepay a portion of the interest on the loan. Discount points are charged so that the note rate can be lower than the prevailing market rate.

Earnest Money
Money paid by a buyer to a seller at the time of entering a contract to indicate intent and ability of the buyer to carry out the contract.

Escrow Account
An account held by the lender into which the homebuyer deposits money for taxes and/or insurance payments Escrow accounts may also hold other funds related to a real estate purchase such as earnest money.

FHA Loan
A loan insured by the Federal Housing Administration.

Finance Charge
Any kind of fees or charges associated with obtaining credit. Finance charges can include many items, including loan fees, miscellaneous fees, per diem interest, escrows for mortgage insurance, etc.

Good Faith Estimate
An estimate of closing costs, made in compliance with RESPA requirements that must be given to mortgage applicants, within three days after loan application is complete.

HUD-1 Statement
A document, due on the day of closing, that provides an itemized listing of all costs associated with a real estate transaction including the fees of the lender, mortgage broker, and other settlement service providers.

Loan-to-Value Ratio (LTV)
The relationship between the amount of the mortgage loan and the appraised value of the property or purchase price, whichever is lower, expressed as a percentage.

Mortgage Insurance Premium (MIP)
The fee paid by borrowers for mortgage insurance on an FHA loan.

Origination Fee
The fee charged by a lender to make the loan; usually computed as a percentage of the face value of the loan.

PITI
Principal, Interest, Taxes, and Insurance are the monthly housing expenses that a lender calculates in order to determine a borrower’s housing expense ratio.

Pre-Approval
Lender’s approval to make a loan based on verification of a loan applicant’s income and examination of credit history. Pre-approval does not include a commitment by the lender to a particular interest rate or lending terms.

Pre-Qualification
Examination of information that a loan applicant has provided about his/her income and financial obligations to estimate how much money the loan applicant might be eligible to borrow.

Private Mortgage Insurance (PMI)
Mortgage insurance purchased from a private (non-governmental) insurance company. PMI is often required by a lender when the LTV on a conventional loan exceeds 80%.

Purchase Money Mortgage
A mortgage loan obtained to a borrower for the purchase of a residential property in which the property is the collateral for the loan.

Rate Lock
A lender’s guarantee that the interest rate quoted will be good for a specific number of days from the day the lock is applied.

Refinance
Obtaining a new mortgage loan on a property already owned.

Title Insurance
A policy, usually issued by a title insurance company, which insures against errors in the title search. A Buyer’s Title Policy protects the homebuyer and a Lender’s Title Policy protects the lender.

VA Loan
A long-term, low or no-down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service.

VA Mortgage Funding Fee
A premium paid to the VA on a VA-backed loan. The premium can vary based on loan amount, loan to value and if the Veteran has obtained previous VA-backed loans.

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Dragas Mortgage Company
4532 Bonney Road, Suite A, Virginia Beach, VA 23462
Tel: (757) 499-4303
Fax: (757) 499-5660
Toll Free: (888) 977-6776

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