Bank of Zumbrota, Zumbrota Minnesota

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Checklist - What do I need when I apply for a mortgage loan?

Current 30-day pay stubs with YTD earnings

Last bank statement and investment statements such as non-retirement savings and retirement savings

If self-employed, the most recent income tax forms with W-2s, etc, Profit and Loss statements to date and a separate Business Financial Statement

Mortgage Facts:

Typical down payment for conventional financing is 20% of the purchase price of the property. Other options may be available.

Minimum credit score required for conventional financing is =>660.

Typical closing costs:

a. For Conventional financing are approximately 2% of the mortgage amount.

b. For In-House financing are 1% or less of the mortgage amount.

The average time frame for closing a mortgage is 30 days from the date of signing the purchase agreement.