Determining if I Qualify:
When you begin working with a mortgage broker or lender, you will initially be asked to provide basic information about yourself and your financial situation. This may include everything from your social security number and residency status to your income, assets and monthly expenses. Typically, the lender or mortgage broker will pull a copy of your credit report at this stage in the loan process. A preliminary review will be conducted to ensure that you meet basic underwriting criteria for your loan request. In many cases, a loan applicant will meet the criteria, and you may obtain a pre-qualification letter if you are buying a new home.
For a refinance, you may obtain a statement showing preliminary loan terms. This may give you basic information about the loan so that you can make the decision about how to proceed. If you choose to proceed with the loan that you have been pre-qualified for, you will typically then need to provide your lender with additional documentation. This can vary from lender to lender, but it may include:
At this stage, an appraisal will be ordered on the property, and you may opt to obtain a property inspection or other optional reports if you will be purchasing the property. We welcome any additional questions, you may have, regarding this process.
For a refinance, you may obtain a statement showing preliminary loan terms. This may give you basic information about the loan so that you can make the decision about how to proceed. If you choose to proceed with the loan that you have been pre-qualified for, you will typically then need to provide your lender with additional documentation. This can vary from lender to lender, but it may include:
- Two years of tax returns and W-2s or 1099s
- Pay Stubs
- Bank statements
- A copy of your driver's license or social security card
- A copy of the sales contract if you are buying a home
At this stage, an appraisal will be ordered on the property, and you may opt to obtain a property inspection or other optional reports if you will be purchasing the property. We welcome any additional questions, you may have, regarding this process.