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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.
I've closed on other properties before with other mortgage brokers but unlike the other ones Derek was really helpful and guided me through the process, making sure my questions were answered, no matter how silly they might have seemed. Glad I worked with him, perfect man for the job.
I can always count on Mike Doyle and his team to get the job done, He makes it look easy when we all know it is not. He makes the buyers feel at ease even when things are not going so smooth. He promises and delivers each and every time. As a broker for over 25 years, I will highly recommend him to everyone looking for a loan. Thanks again for making this dream come true for another one of our buyers!
It has been a real pleasure working with Bud Spriggs and his team. He made me feel relaxed and like working with a friend who had your best interest in mind. Judith Nicola was a big help to me also explaining things that I didn’t quite understand and making sure that I was getting everything done that was required of me. All in all it made a very stressful situation a lot less stressful.
It was a endenless request of documents, every week more less i had a new list to achieve. Very stressfull. I was informed of the credit approval a week before the closing date and a day before of that date, I was inform of a dalay and a new closing date. On the closing date, no one of the crew were there.
I prayed for a great experience for my boys and me. Well, that’s exactly what God sent me. Monica keep me in the loop of everything. She made sure that any questions I had was answered in a timely matter. She never made me feel like my business wasn’t wanted being that I wasn’t a buyer who wasn’t “rolling in the money”. I'm just a hard working, single mother of two boys that wanted a place my boys could call home. Thank you Monica for helping me make one of my dreams come true.
Great does not even begin the experience with Allison and her team. She was amazing at every turn and obstacle. First of all my husband and I were moving from Huntsville, AL to Palm Bay, FL and if that wasn't stressful enough we were trying to get our loan based on my husbands new job. When I thought this house was not going to happen Allison kept the faith and kept me calm! She went above and beyond and I cannot even begin to Thank her and her team enough! I would 100% recommend!
Craig is patient, he will describe all your options and will explain the entire process to you and at your level. He's eccentric and enthusiastic throughout the entire process and ensures you get the best credits and discounts. His knowledge and expertise of the industry put me at ease and one of strengths. I felt valued and not like a account number of quota. Cant wait to purchase my next property with him.
Perry was more than responsive to questions and concerns. He was thorough and the entire process happened much more quickly than I expected. He also made a referral saving us hundreds of dollars for our homeowner's insurance.
Overall, is was an excellent experience with little effort on our part.
As first time home buyers, we were nervous about the entire process. Right from the beginning Laura and her team were incredibly patient and answered any and all questions we had. Their response time was so fast I sometimes wondered if they lived in the office! As stressful as buying any home can be, we could fully trust Laura, James, and Amber at The Mortgage Firm to have our best interest in mind. Thank you to everyone on this team!
I’m a first time home buyer and had a lot to learn about the process. My Realtor recommended Vicki. Of course I shopped other options and quickly found that she was what would work best for me. She is honest, sweet, and professional. The process was stressful, but Vicki always made me feel like everything would be OK. And it sure was! I would 100% utilize her again.
Vicki and her team were super easy to work with and always available for any questions or concerns. Throughout the process they kept me informed on what the next steps were so that I didn't miss any deadlines. From pre-spproval to close, the whole process was a breeze. Highly recommended.
The personal attention we received from Vicki and Erin was absolutely above all expected. They put our package together with the highest degree. What a great team, I would highly recommend this team to any person needing a mortgage or refinance of property. Thank You: Vickie and Erin.😁😁😁😁😁