Not sure what to expect when looking to apply for a home loan? We've put together this overview to help you understand the mortgage loan process.
Many begin by getting an estimate of how much they can qualify for. In this step, we start the process by getting to know more about you and your financial situation. We may do a soft credit pull and check your income and debt-to-income ratio. This information will give us a reasonable estimate.
The next steps to getting approved for a home loan are doing a thorough credit check and submitting the required documentation such as pay stubs, tax documents, and credit statements. Once approved, you'll have an approval letter and are now ready to make an offer on your dream home.
Once you've found a home that you'd like to purchase, the lender will order a home appraisal to make sure the home's market value and your offer are in-line.
The underwriter makes sure the deal fits all guidelines. Sometimes they ask for additional documentation, but it doesn't necessarily indicate a problem. Respond quickly to any requests to keep the process moving forward and close as quickly as possible.
Before closing, you'll receive a Closing Disclosure showing the actual terms of the agreement and your final costs. Review these closing documents and ask for clarification if you don't understand anything. Once everything is clear, you'll be ready to sign the final paperwork and pay for closing costs.
Interest Rates Have Increased
Borrowers May Not Qualify
Due to DTI Calculation
Time To Consider
NO RATIO PROGRAM
No DTI calculation
No Income on Application
No Employment on Application
No Tax Returns
No W2s
No 1099
Only Required to Have
as low as 20% Down Payment
80% LTV = 720+ FICO - 12 Months Reserves
75% LTV = 680-719 FICO - 9 Months Reserves
65% LTV = 660-679 FICO - 9 Months Reserves
Funds for Down Payment
Closing Costs
Prepaid’s
Reserves
Primary Residence
Second Home
Purchase
Refinance
Minimum Loan $200,000
