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Being pre-qualified is based on your provided information, which will then give you an estimate on the amount that you are able to borrow. A Pre-approval means that your information is evaluated thoroughly. It is a closer estimation of how much you will be approved for.
You [and your co-borrower, if applicable] will need the following documents when applying for a loan:
• Social Security Number
• 2 Years Proof of Employment (If self-employed then please provide most recent 2 years business tax returns and current YTD profit/loss statements as well as balance sheets)
• 2 Most Recent Paystubs
• 2 Most Recent Years of Tax Documents (W-2 statements and tax returns)
• Bank Account Information (2 Most Recent months of asset statements-checking, savings, retirement, etc.)
• Credit Information (Provide details of any new accounts or accounts not currently reporting on your credit report such as: )
• Monthly Expenses (Housing, etc.)
There are many factors that could impact the type of loan that you qualify for. You could reach out to your local loan originator to find out what loan you qualify for. If you need more information on the various types of loans, check out our Loan Types page.
An appraisal is the process of having a licensed and trained individual report on the worth of a home. This individual is completely unbiased and will be able to provide the lender, buyer and seller an accurate value of the home. Having an appraisal done on the home establishes protection for all parties involved. They will determine if repairs are needed, if the price is fair in comparison to other homes within the area, and a detailed report calculating the true value of the home.
An interest rate is the amount it will cost you to borrow the principal loan amount. It could either be a variable or fixed amount and will always be expressed in percentage form. An APR measures a mortgage and includes the interest rate plus discount points, closing costs and broker fees. APR’s are expressed in percentage form.
Closing costs include:
• Loan Origination fees
• Appraisal fees
• Discount Points
• Title Insurance
• Credit Report charges
• Deed-recording fees
• Title Searches
Refinancing is when you replace your current loan with a new loan. This new loan should include improved terms and features than the prior loan. If your current loan is too expensive or risky, then you should look into refinancing. Typically, refinancing is beneficial because you can: Save money Lower your payments Shorten your loan term Change your loan type Consolidate your debts Pay off a Loan with a Due-date or balloon payment
Yes, you can qualify for a mortgage as long as the seasoning requirements for the specific loan type have been met. This is something you can discuss with your Loan Originator in detail.
The personal connections built and the way those advisors reach out and communicate. You actually feel appreciated and are given the time to understand every little thing about the process. The personal gifts are even the cherry on top. I’ve never been more ecstatic to have worked with a company like this and feel proud to be a client.
Toby and Christine and Courtney made this experience very easy. Their friendly and relaxed manner helped tremendously! We had to wire a substantial down payment to our closing attorney's escrow account and Toby forwarned us about potential wire fraud. In fact, just after that we received a fradulent email from someone who stole the logo of the Mortagage Firm. I cannot say enough about how helpful and knowledgeable that Toby is and was for us during this process!
Dan Longman and his team were professionals. The hurricane put a road bump in the process but Dan's colleagues worked above and beyond to assist us! Felicia, Nicole, and the rest of team were rock stars! I'm extremely pleased with everything and everyone who had a will to get my mortgage process completed!! Dan thank you again!
I change jobs within the last year and for some reason I was asked to say why I change the job. I said it was because the new job offered to pay for my schooling. I was asked to provide school transcripts to show I went to school. That makes absolutely no sense, if I found a new job that offered Health Care would I have to provide all medical records? Common sense should be a priority.
My husband and I had a great experience with Patrick and his team. The loan process went very smoothly and quickly. The staff were very professional, knowledgeable and always available when I had questions. We received the clear to close early so we will be in our new home a week sooner than expected! The personal attention that we received was so much more than I expected. Thanks again!
Extremely professional, proactive and friendly real estate professional. Very knowledgeable of the mortgage process and adept at explaining confusing terminology and figures to the average borrower.Checked on loan status regularly and provided feedback to me, the borrower, every step of the way to ensure that I knew what was going on.Great follow up throughout the process. Eager to answer the many questions that I had. I would highly recommend Christopher Goodman for mortgage services.
Sarah and the team at TMF were so quick and easy to work with. Responses were received within minutes, and they were reachable anytime of the day. They made the process so simple, I didn't have to worry about a thing. I will recommend them to others who are in the market for a lender. Thank you all!
Thank you Charley Perry and your brilliant team for making the purchase of this beautiful home my family and I love. All I can say is everything went smooth and professional and you and your team were in contact with we me every step of the way for any questions my wife and I had. Truly a pro at what you do, thank you again.
Mason and team are great. They were all very efficient and best of all were in communication with me about status updates. The process was extremely smooth and would highly recommended Mason to family and friends., already have. Thank you for everything!
From the very beginning Ken always seemed to care about my situation and reasons for doing a refi, which unfortunately was a huge step backwards but to better afford my wife's cancer bills! Even when I got frustrated about the changes in the requirements and the providing documentations would never end, Ken helped keep me focused and relaxed.
We cannot say enough great things about Sarah Hidy and her team. We have a complex financial situation with multiple rentals and investments, however, Sarah made our new home dream come true! She is available for any questions that come up along the process, and is always clear when the process gets foggy. Will work with her for all of our real estate needs!
I feel that there could be better upfront communication about things needed and what’s involved in the process instead of always having to ask . I don’t fully understand the mortgage business but it seems that various things were required on a last minute basis which maybe perhaps there’s no way around this process ? Technology could be more user friendly - maybe having one login per account instead of individual logins ?