Step One: Determine How Much You Can Borrow
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? The first part you can get a rough idea of by using the mortgage rate feed on our website. We’ll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we’ll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step Two: Pre-Qualify For Your Loan
This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, etc. and we get your permission to run your credit score. When we review all this information and it looks good, we will give you a Pre-Qualification Letter. Handle it with care — to a home seller, it’s like a suitcase full of cash! Your realty agent will use your Pre-Qual (as they may call it) to make the best offer on the home you choose, and the seller knows you’re Pre-Qualified. It gives you buying power! And while you’re picking out the home that’s right for you, we’re busy finding the loan that’s right for you.
Step Three: Apply Now! We Make It Easy
Once you’ve made an offer and it’s been accepted, it’s time to complete the loan application. It couldn’t be easier, and you can do it online, right here at our website. When the time is right, we’ll order an appraisal of your new home.
PROPERTY INFORMATION (If you already have a contract on a house)
- Purchase Agreement.
- Copy of legal description and MLS sheet.
- If you have sold your current home, copy of settlement statement(HUD-1).
INCOME & ASSETS
Pay stubs for the last 30 days.
For the past two years:
- Names and addresses of each employer.
- Complete tax returns.
All pages of statements for each bank, mutual fund, and/or investment account for the last three months.
If you have made any large deposits to your accounts:
- Explanation and source for deposit.
- If large deposit was a gift:
- Signed gift letter)lender can supply).
- Copy of gift check.
- Copy of deposit receipt.
If you own more than 25% of a business:
- Corporate or partnership tax returns.
- Tax returns for the last three years (with schedules).
- Year-to-Date Profit and Loss Statement prepared by an accountant (If using this income for qualification purpose).
If you own rental property:
- Tax returns for the last two years and current rental agreements.
If you are retired:
- Pension Award Letter.
If you receive Social Security:
- Social Security Award Letter.
If you are counting child support as income:
- Copy of divorce settlement.
- Copy of twelve months of cancelled child support checks.
- Letter from Attorney General showing payments received.
Names, addresses, account numbers, balances and monthly payments on all current loans.
Explanation of credit report anomalies including:
- Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
- Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).
Copy of DD Form 214, Report of Separation.
Photo ID and proof of Social Security number.
Residence addresses for the past two years.
If applicable, a copy of your divorce decree.
If you are not a citizen, a copy of the front and back of your green card.