FAQ's

1. Get Pre-Approved
2. Start Submitting Offers
3. Get An Offer Accepted
4. Begin Escrow
5. Get Mortgage Funded

1. Driver’s License
2. Last two years of W2s and Federal Tax Returns
3. Last 30 days of pay stubs
4. Last two months of bank statements
5. For any other properties and/or mortgages, provide current mortgage statements, homeowners insurance declarations, and if there’s a Homeowners Association, include an HOA statement.
6. If self-employed, provide most recent business license and all corporate tax returns.
7. If applicable, include social security awards letter and/or pension

A pre-approval letter is a document provided by a licensed loan officer stating that a buyer can afford a property purchase up to a specific amount. Essentially, it answers the question that many sellers have when choosing a potential buyer: Can They Afford It?

While it’s never too early to start speaking to a mortgage professional about home financing, we advise getting pre-approved when you’re ready to start seriously looking at homes. You don’t want to scramble for a pre-approval after you find a home that you want to make an offer on… but, keep in mind, that pre-approvals typically last for three months (assuming there aren’t dramatic changes to income or your debt). So, if you find a property five or six months down the road, the lender will have to re-pull your credit, and that will be another hard inquiry.

Mortgage points are fees that are paid to the mortgage lender for a lower interest rate…hence the phrase: “buying down the rate”. Which explains why mortgage points can sometimes be referred to as “discount points”.

Generally, pre-approvals last for three months, assuming there aren’t dramatic changes to income or your debt. If, for example, you find your property five or six months after the initial pre-approval, a lender will have to re-pull credit, and that will be another hard inquiry, which is not ideal.

The banks are going to look at debt to income ratios (DTI’s) when qualifying you for a mortgage, and different loan products have different debt to income ratios.

Explanations of some of the most common mortgage terms can be found here

Unless your bank can offer a significantly lower interest rate, we recommended using a mortgage broker. No matter what, do your due diligence when finding a mortgage broker. It will give you some much-needed peace of mind as you navigate your home purchase.