In this day in age, we a geared toward instant gratification. In the mortgage world, that is no different but, instant gratification may no be attainable at first glance. Pre-Approvals can help with that.
It is Important! Getting pre-approved is very important and should be your first step. By working with me, or a mortgage loan originator in general, we can get an idea of your base starting point for a mortgage. We can get a pre-approval moving, over the phone, online applications, or by providing requested information. Any way that works for you.
What I look for:
- CREDIT: the most important of all pieces to your pre-approval and the base starting point. We have many inclusive programs that work for many different credit scores but, it will need to pull in order to know where we are starting and where to go next.
- INCOME: A two-year job history with minimal to no gaps is very important. If you self-employed, we need a two-year tax return history to be able to calculate your income after deductions/write-offs. If you are W2, two years of those will suffice. Bonuses and Overtime, we will need to verify a two-year history also.
- ASSETS: This does not mean your car… Assets are anything you have saved. (i.e. savings, checking, retirement, and/or 401Ks, etc…)
- DEBTS/LIABILITIES: Here is where the car comes in to play. Most items will appear on credit, some will not. We will work on getting the most accurate read. These are a key factor in figuring out your DTI (debt-to-income) ratios.
What’s next? After I have looked at all of the pieces, I am able to help you with working on some things to get pre-approved or I will be able to issue a Pre-Approval Letter for what you were pre-approved for upon initial application.
If/when I issue a pre-approval letter, you can begin working with a realtor to find a home that falls within your price range and program qualifications. This letter is not an end all and we still have some work after finding a home. I will be more than happy to help you every step of the way!
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Apply with me online: HERE