Step 1: Get the mortgage process started!
Believe it or not, the mortgage process should be your starting point when buying or refinancing a home.
The loan approval process generally begins with an initial interview where you and your Loan Consultant will discuss your income and long term debts. This step is called pre-qualification and it can help you shop for affordable properties in the correct price range.
A pre-approval letter will be required for you to make an offer on a new home. The listing agent and seller will want to see that you have the ability to purchase the home. This pre-approval letter is generated by the lender after reviewing your complete loan application.
When a lender makes a decision about a mortgage application, they consider many basic factors: all based on your ability to repay the loan. To ensure your loan is truly affordable, a lender will verify your employment and income. Your monthly Debt to Income ratio – your total income, minus monthly credit payments and other debts — will also be considered.
The easiest way to get personalized information about your loan options is to have us connect you to a highly qualified, local Loan Consultant! Please complete the form below and we will get right to work for you!