In an effort to help applicants complete their residential mortgage application online, we've compiled some of the most frequently asked questions below.
What financial documents do I need to provide as part of my application?
As part of your application, you'll need to upload the following:
The most recent pay stub from all borrowers
A copy of your most recent bank statements from all of your accounts
Your most recent two years of personal Tax Returns (*after 4/15 proof of extension needed if most recent years taxes have not yet been filed).
Your W2s from the last 2 years
A copy of any mortgage statements if the mortgage is on subject property.
The Purchase and Sale agreement with a copy of Deposit checks (if applicable)
A copy of Homeowner’s Insurance Policy
A copy of Master Insurance Policy (condo)
A copy of Flood Insurance (if applicable)
How do I upload my financial documents?
Once you have submitted your application, you will receive an email with instructions to access your personal portal. Follow the link to log into the portal using the username and password you have created.
Once you are signed in you will see a task bar. Select "Documents".
Once selected, click "Upload Additional Documents”. Select this tab an upload all of the required documents.
What are the closing costs associated with a HELOC?
Loans applied for up to and including $100,000.00 may not have any closing costs. Closing costs will be incurred for
Lines over $100,000
Lines of any amount secured by properties held in an LLC
Lines of any amount approved under our Stated Income product
if additional services are needed, including deed transfers and subordination agreements.
How long is my rate locked for?
At Hingham Institution for Savings, we understand the importance of securing an interest rate for your financial needs. Once the borrowers(s) loan application is approved, we will honor the current interest rate in effect for a 45-day commitment period.
What is a Debt-to-Income ratio?
Your debt-to-income ratio (DTI) is the total of your monthly debt payments divided by your monthly income. This number is one way the Bank measures the ability to repay the new loan.
What is Loan-To-Value?
The loan-to-value ratio is the amount of the loan divided by the value of the property. It is expressed as a percentage.
What is private mortgage insurance?
Private mortgage insurance (PMI) is a type of mortgage insurance that might be required if you take out a conventional loan with a down payment of less than 20 percent of the purchase price. PMI protects the lender—not you—if you stop making payments on your loan. The requirement for PMI applies to the refinance or purchase using a conventional loan and your equity is less than 20 percent of the value of your home.
What are the different Citizenship Status options?
You will see a question in the application about your citizen status. Below are definitions of each option.
US Citizen: any individual who is a citizen of the United States by law, birth, or naturalization.
Permanent Resident Alien: A resident alien is defined as someone who is a permanent resident of the country in which they reside but does not have citizenship. To fall under this classification in the United States, a person needs to have a current green card.
Non Resident Alien: A nonresident alien is an alien who has not passed the green card test or the substantial presence test.
What is the eConsent and why is it important?
The purpose of the Electronic Consent Agreement (eConsent) is to obtain your consent to receive certain loan documents from us in electronic form rather than in paper form. With your consent, you will also be able to sign and authorize these loan documents electronically, rather than on paper.
Without an eConsent we can not disclose anything electronically.
The Bank has an eConsent agreement within the application and prompts you to select agree or disagree. If you disagree, your documents will be mailed out to you via US Postal Mail.
Is my credit pulled when I apply for a pre-qualification application?
Yes. Within the pre-qualification application you will be asked if you allow the Bank to pull your Credit Report. In most cases the only credit bureau we pull is Experian for a pre-qualification. The Bank uses the credit report to determine the pre-qualification amount.
What is causing hard stops in my application? What should I do to overcome these hard stops?
When you are filling out your application, you may find errors that pop up that do not allow you to continue until they are resolved.
The most common error is not clicking a checkbox that acknowledges you've read and/or accept a disclosure. Below are some examples:
Privacy Policy
Credit Authorization Agreement
State Disclosures & Other Disclosures and Agreements
Please note the boxes above must be checked and all disclosures next to the boxes must be reviewed before you can move forward.
If you do not check the box or review the disclosure there will be a hard stop and you can not move forward in the application.
How do I access my disclosures after I have applied for a loan?
Once you have submitted your application in the application portal you will receive an email that contains a link to access your disclosures.
The link will bring you to a login page. Once there, select "Create account" to create a username and password.
Once your account is created, sign in. You will be rerouted you to your disclosures. You will be prompted to enter a 4-digit password. This will always be the last four numbers of your Social Security Number.
What do I do if I do not have time to complete the application?
Click on the ‘Save’ button on the bottom of the page. You will be rerouted to the page to create an account.
Complete the Name, cell phone (or preferred phone number), email, and create a Username and Password. The username and password will be required to sign back into the application.
How do I access my previously saved application?
Once you are ready to proceed to complete the application please go into the HIFS website
Click on “Personal Tab”
Then click “Residential Mortgage”
Once you are in “Residential Mortgage“ click on “Apply Today“.
On the page titled “Apply for a Mortgage Or Get Pre Qualified Today“ click on “Applicant Log In” on the top right:
Please use the “ Username” and “ Password” that you previously created and it will take you to your last saved location on the application.