Mortgage Loans

When you begin looking for your dream home, you have probably already heard that you should get prequalified or preapproved for a mortgage. Knowing how much house you can afford before you begin looking can greatly help you make the strongest offer possible on the property you choose. It is important to understand the differences between these two processes.

• A prequalification is an initial review of your finances and is completed without a credit report and will not go through a full credit underwriting process. A prequalification is an estimate for credit given by a lender based on information provided by a borrower and does not include an analysis of a credit report. Borrowers with a prequalification normally do not supply documentation during this stage. You will simply supply the lender with the overall financial picture.
  
  
• A preapproval is more in-depth than a prequalification. A preapproval includes a full credit underwriting process. This will require a mortgage application, a credit report to be acquired, and you may be required to provide information or documents like bank statements and pay stubs to prove your income and the funds you're using to get the loan.
  
  • The preapproval is a written commitment that is subject to the following conditions:
    • Identification of suitable property
    • Appraisal
    • No material change has occurred in the applicant's financial condition or creditworthiness prior to closing
    • Limited conditions that are not related to the financial condition or creditworthiness of the applicant that the lender ordinarily attaches to a traditional home mortgage application (such as certification of a clear termite inspection)

Contact us today for a free, personalized consultation. With interest rates at record lows, don't miss your opportunity to seize the moment! Call today and you will find the skill, professionalism, and consideration we give to each of our clients which make getting your loan a successful endeavor. Why wait? Let us get to work for you. Call today to analyze your financial needs!

• 30 Days most recent paystubs for each borrower
• Last 2 years of Federal Tax Returns - All pages
• Last 2 years of W2's (1099 if not a W2 employee)
• Additional returns may be requested
• 2 most recent months' Bank Statements - All pages for checking, savings, retirement, stocks, etc.
• Copy of Driver's License, US Residency Card or Gov't Issued ID
• Ratified Contract

For a refinance (in addition to the above items)

• Copy of the Deed to the property
• Current Mortgage Statement
• Copy of Homeowner's Insurance Policy

While your loan is being processed there are certain "DOs and DON'Ts" which can have an effect on the outcome of your loan request. The following list of items will remain in effect not only until your loan has been approved, but until the loan is actually funded and recorded. In many instances, your credit, income and assets must be re-verified after you have signed your final loan documents.
 
We strongly suggest that you comply with the following lists:
 
Do:

• Keep all existing accounts current, such as mortgages, car payments and credit cards.
• Make payments on all accounts on or before the due date, even if the account is being paid off with the new loan. If you have any problems making these payments, please contact your loan officer immediately.
• Keep copies of all paycheck stubs, bank account or asset statements, along with any statements for bills being paid off through this loan.

• Quit your job or get another job unless it is in the same line of work and for equal pay or more money.
• Please call your loan officer if this should occur.
• Allow anyone to make an inquiry on your credit report.
• Purchase an automobile.
• Purchase any other real estate.
• Co-Sign for anyone else on any type of loan.
• Apply for credit, take on additional debt or complete any other credit application.
• Charge additional debt on any existing credit account that you have.
• Start any home improvements that are not a condition of this loan.

We offer a variety of affordable loan options and competitive interest rates, and we're by your side every step of the way.

• Real Estate Loan Application
• Information Checklist
• Do's & Dont's