couple looks at computer for loan financial information

Financing Your Home

Once you’ve signed a purchase agreement on a home, the financing side of things begins.

It’s important to understand the different mortgage loan options and the benefits of each. Most loans fall into one of two categories—fixed rate or adjustable rate. Some things to consider when choosing a loan include:

  • How long you plan to stay in your home.

    If you think you’ll stay put for more than seven years, then a fixed-rate option is the way to go. But if you have thoughts of moving before then, an adjustable-rate mortgage may have some draws.

  • The current interest rates.

    The difference in the monthly loan payment for a fixed-rate vs. an adjustable-rate loan will vary depending on this rate.

  • The term you want.

    Most mortgages are 30-year loans, and sticking with that may mean a lower monthly payment. But a shorter term loan (15 years, for example) may offer a lower interest rate and help you pay it off faster.

Once you’ve selected the type of loan you’d like, it’s time to apply. Cornhusker Home Loans makes it easy with a user-friendly online application process.

As you complete your application, you’ll need the following documents:

  • Proof of income – pay stubs for each applicant, W-2 statements from the past two years, tax returns from the past two years, and any additional income documentation.
  • Proof of assets – bank account statements for the last three months and security account statements.
  • Proof of debts – the latest statements for any car loans, student loans, credit card accounts, mortgages, and equity lines of credit.
  • Property verification – copy of the purchase agreement, legal description of the property, and copy of listing sheet.
  • Other items – Social Security numbers, list of previous addresses over the last two years, and diplomas or transcripts (if you or another borrower were full-time students during the past two years).

These items can be scanned and uploaded to the application program.