Home Mortgage Loans

Whether or not to buy a home is one of the most important financial decisions an individual or family is faced with. The decision has more to do with your financial planning that it does with constantly fluctuating market conditions. The first step toward determining if it is a good time to buy a home is to speak with a licensed loan officer and learn more about your options. Once you know what kind of house you can afford and what kind of commitment is required, you can compare it against other options like renting, and make the decision that makes the most sense for you. 

Your credit score is only one of the factors taken into consideration when you apply for a home loan. We also review your employment history, income, debt and cash reserves. There are also a variety of loan products that have varying requirements for your credit history. 

Traditional loans usually require documents that verify your employment, incomes and assets. These documents may include:

• Your Social Security number
• Pay stubs for the past two months
• W-2 forms for the past two years
• Bank statements for the past three months
• One to two years of federal tax returns
• A signed contract of sale, if you've already chosen your new home
• Information on current debt, including car loans, student loans and credit cards

Every home loan situation is unique, so the mortgage process will vary based on your personal situation. Factors that could affect the timeline including the type of loan, the specific term you're requesting, the amount of required documentation and the time it takes to provide your lender with the needed documents. At BTC Bank, we are committed to working with you each step of the way to make the process as efficient as possible. 

A debt-to-income (DTI) ratio is the percentage of gross monthly income used to pay monthly debts, including mortgages, credit cards and loans. Lenders use it to measure a borrower''s risk level and ability to manage repayments, with a lower DTI improving loan approval changes and interest rates.

 

DTI = (Total Monthly Debit Payments / Gross Monthly Income) x 100

As a community bank, we provide personalized service, local expertise, and faster, more flexible decisions made right here at home. Our team guides you through every step of the homebuying journey with a streamlined process designed to help you reach your goals efficiently and confidently.

We would be proud to partner with you on your homebuying journey. To apply for a home loan with BTC Bank, visit your nearest branch or apply online. If you have already applied for a loan, you can visit the Borrow Portal to access your account.