What is your interest rate?
Many homeowners shop for a first or second mortgage based entirely on rate and although we understand their concern, we feel rate is only one portion of finding the right loan. Neighborhood Funding’s loan process is built around a consultative approach where the customer is given the advantage of our experience in the filed and availability of loan products. Our Loan Officers and Credit Managers take time to work with you one-on-one learning about your current situation, your need for a loan, and your end goal. We fill out the loan application for you over the phone and then build the loan that serves you best.

Do you have to run my credit report?
Due to the requirements of most loan programs, we must run your credit to qualify you. Your credit is also needed to prevent loan fraud.

What documents are needed to begin my loan?
The documents required depend on your living situation (salaried employee, self-employed, retired, etc.). A number of documents can be accepted to begin the loan process and your Loan Officer will tell you which specific documentation is required. These can include the following: pay stubs, W2, mortgage statement, declaration page of homeowners insurance policy, social security statement, or bank statement. For those who have trouble documenting their income because they are self-employed we do have loan programs available that allow for stated income, ask your Loan Officer for more information.

How do you decide what loan is best for me?
We review your current situation and goals, discussing your outstanding debt and pricing requirements, to best understand the type of loan you are looking for. They use this information in combination with SelectQual, our advanced underwriting engine, to match you with the loan program that best suits your situation and needs.

I’m self-employed, how do you verify my income?
For the self-employed some of our loan programs have a stated income option where documentation is not necessary, ask your Loan Officer for more information.

I’m retired, how do I show income from a pension or social security?
Retired borrowers can use a social security statement, bank statement, pension stubs, first mortgage statement/coupon, second mortgage statement/coupon, promissory note on your first mortgage, or declaration page of the homeowners insurance policy to begin the loan process.

How does my second job impact my application?
For most loan programs your income from a second job will be used as long as there is one year of history with the secondary employer.

How do I document income from dividends or interest?
Most loan programs require personal tax returns from the past two years to verify your dividend and/or interest income. If this is the case, you may need to verify ownership of the assets that generate the income. This can be done using statements from your financial institution, brokerage statements, or stock certificates.