Congrats on your decision to purchase or refinance a home! Although it is a very exciting time, it can also be stressful. Please know that I am here for you throughout the mortgage process ... and I look forward to answering any questions you may have along our journey together.
PRE-APPROVAL VS LOAN SUBMISSION
Either way you will have to complete a loan application, and provide some supporting documents.
Initially, during the pre-approval process, I am looking to verify your income and assets. This is just enough to provide your realtor with a Pre-Approval letter in the case of a purchase. It's also enough run a credit report and give you an estimate of available mortgage loan programs that you qualify for including rates, terms and estimated closing costs.
Once we are ready to actually submit the loan application to underwriting there may be additional, or updated documents requested. This is very normal.
Most importantly I want to make sure you know what to expect, and feel comfortable to ask any questions along the way. Also, during this time, please DO NOT make any big purchases! This is not the time to get a new credit card, or buy a car or new furniture. Besides the fact that new inquiries are a red flag to underwrites, any new purchase could increase your debt ratio and kill your loan. It's also not the time to change jobs. If you feel any of these things may come up please talk to me, or your loan officer, in advance.
We will request documents only after you have (1) received a Loan Estimate and a Home Loan Toolkit, and (2) you have provided us with your verbal or written "intent to proceed" with the mortgage application. Before receiving the requested documents we may ask you to provide us with Information that will help us to evaluate your potential application for a mortgage loan.
DOCUMENTS NEEDED for loan PRE-APPROVAL:
DOCS NEEDED for a LOAN SUBMISSION:
Different programs require varying amounts of documentation. The loan program you select may require more or less documentation. Please contact us for a free, no-obligation consultation.
SUBMITTING DOCUMENTS TO US:
Safety and security is our top concern when it comes to your confidential financial information. Please know that we take every precaution to keep your digital information secure. You may securely upload your documents on our website, or through our online application portal, once you have created an account.