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.

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 typical transaction.

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.