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
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, $275-$300
credit report and evaluation. $20-$50
Tax Service Fee, $60
Processing Fee (charged by the lender), $555-$695
Administration Fee (charged by Ryan Mortgage, this is all we
charge to process the loan), $250
Attorney's Fee, $500
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, $12
Wire Fee, $17
Recording Fee (charged by your town), $90-$120
This is just an estimate of of the fees, but this represents the
What documents will I need to provide?
Here's a general list that nearly everyone 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 month's worth of paystubs (4 if paid weekly, 2
if paid biweekly)
last 2 year's W-2's
most recent 2 month's bank statements (all pages needed)
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.