Frequently Asked Questions

What's the difference between using a mortgage broker (like Ryan Mortgage) and a bank?

There are several major differences.

A bank has a set rate.  Mortgage brokers can search among a variety of lenders to see who is offering better rates 

Your loan will pass among many hands at a bank and goes from department to department.  At Ryan Mortgage you'll have a mortgage officer who will follow your file from application to the closing.

How much does it cost to use a broker?

Nothing! Our fees are paid by the lender in almost every case!

What fees are involved in the loan process?

They can vary depending on the specific lender, but as a guideline you'll generally find this to be a reasonable estimate:

  • property appraisal, $445-850

  • credit report and evaluation. $50-$100

  • Administration Fee (lender), $945

  • Attorney's Fee, $850

  • Title Insurance, it's a formula, $385 for the first $100,000 in home value and add $3.25 for each additional $1,000. A discount is usually available on a refinance.

  • Flood certification, $8

  • Recording Fee (charged by your town), $325-$350 

This is just an estimate of of the fees, but this represents the typical transaction.

What documents will I need to provide?

Here's a general list that most will need, certain circumstances will mean that we'll have to ask for more (for example, if you're using income from rental property, child support, alimony).

  • your most recent paystub

  • last year's W-2 (last 2 years for government mortgages)

  • most recent bank statement (all pages needed), 2 months for government mortgages

  • most recent statements for any 401(k), IRA or brokerage accounts

  • if you're self-employed (own 25% or more), last 2 year's tax returns (all pages)

  • if it's a purchase, you'll need a legible copy of the purchase agreement signed by both buyer and seller

  • purchase, copy of cancelled earnest money check

  • if there is any gift money involved, you'll need a copy of the check you received as a gift, a copy of the deposit slip that shows you deposited it and a copy of the gift giver's most recent bank statement showing they had the money to give.