Step 1 involves exploring a few items such as:
• How much of a monthly payment can you afford?
• How much will a lender loan to you?
As your lender we will help you through the different scenarios by asking a few simple questions. Based on standard lending guidelines, we will best determine what kind of terms and loan programs you can expect to be most beneficial for you.
• How much am I comfortable spending on a monthly basis?
• Do I have enough money for a down payment?
• How long do I see myself living in the new home?
• What type of loan best suits my needs?
By having a brief conversation, we will give you a good idea of how much home you can actually afford and what to expect from the loan process.
What factors go into determining my mortgage?
We ask a lot of questions because we want to help you get the right loan.
By working with us before deciding on a property, you will know whether you will qualify for a mortgage large enough to finance your dream home.
We’ll be able to answer all of your questions upfront, including:
• What is my credit score?
• How does my credit score affect my mortgage options?
Once you have supplied all the required information about your employment, assets, current residence history and other pertinent items, we will ask for your permission to obtain your credit report.
Once all this information is reviewed, we are able to determine the amount you can borrow and provide you with a pre-approval letter.
NOT ALL PRE-APPROVAL LETTERS ARE EQUAL!
Depending on your timeframe, a lender can provide you with a range of options, application information to a fully underwritten pre-approval letter. Documents that may be required for a fully underwritten pre-approval:
• W-2s for 2 years
• 2 years of tax returns • Bank statements for the last 2 months (all accounts) with an explanation for any large deposits
• Most recent year to date pay stub reflecting a minimum of 30 days of income
• If self-employed, year to date profit and loss statement, plus signed tax returns for last 2 years • Additional documents may be required depending on your situation
If you're interested in joining us for one of our seminars, fill out the contact form below.