HELPFUL TIPS FOR APPLYING FOR A RESIDENTIAL MORTGAGE
  

The following is a list of items you will need for your application.
Some of the information is needed to complete the online application.  Other documents may be needed to complete the application process.
*** Your interest rate is not locked until the Rockville Bank Mortgage Rate Lock Agreement is signed in the presence of a bank representative and the rate lock fee is paid.
  • Copy of most recent years W-2
  • Copy of most recent pay stub with Year-to-date earnings
  • Copy of most recent tax return and Year-to-Date financial statement if Self employed
  • Assets - copy of most recent statement
  • If using Gift Funds: Qualified donor name and address, relationship and dollar amount of gift
  • Fully executed Purchase and Sales Agreement
  • List of liabilities to include creditor names, address and account numbers.
  • Landlord Reference: 12 months cancelled rent checks or landlord name and address.
  • Construction Loans: Plans and Specifications and construction contract or contracts and estimates for all improvements.
On submission of the application you will receive a Truth-in-Lending (TIL) and Good Faith Estimate (GFE)statements.
The information provided reflects estimates of the charges which you are likely to incur at the settlement of your loan.  If this is a 1st mortgage transaction, the Good Faith Estimate assumes you will be escrowing for your real estate taxes. If you are financing 80% or less of the appraised value or sales price, whichever is lower, establishing a tax escrow is optional unless deemed as a condition of the loan approval.
All Fixed Rates Assume a Minimum Credit Score of 740, a Maximum Loan To Value of 80% for Purchase Loans and No Cash Out for Refinances. 

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