Home Ownership Includes Three Steps:
- Prequalification – We will provide a potential home buyer with a letter of prequalification. This letter specifies the home loan amount and type of loan the person qualifies for. This letter gives the buyer credibility when making an offer. We estimate what price range the buyer can shop for, the estimated monthly payment, and the total amount needed for down payment and closing costs. We determine this from the buyer’s income, assets, debts and credit scores.
What is the difference between pre-approval and pre-qualification? A pre-qualification is a quick estimate of what you might qualify for, while a pre-approval means the lender has confirmed your financial information and made a commitment of how much you can borrow.
HAVING THAT COMMITMENT GIVES YOU AN ADVANTAGE OVER OTHER HOME BUYERS.
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- Loan Application – We look at your supporting documents, which will include paycheck stubs, W-2s, tax returns, debts and all assets. We then start the verification process.
- Verification Process: We verify your employment, income, money for closing and credit information. Once we receive the appraisal and title work, the file is ready for underwriting.
- Underwriting: The underwriter has the responsibility of making sure that your loan meets all the necessary federal guidelines.
- Closing – You will need a cashier’s check made out to the title company, and we will inform you of that amount (Closing Disclosure) as soon as the title company finishes your paperwork and approves it.
You sign all the final documents and become the new homeowner!
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