Let's face it. Buying a home can be stressful. We hear all the time in the news about how strict the lending community has gotten since 2008. "The Big Short" anyone? Too much paperwork and headaches, right?
Well it doesn't have to be. Sure, the process can be tedious, and does involve some help from you, the client, no matter what some lender's marketing tells you about it being as simple as pushing a button. Here's the truth from behind the curtain.
To do a proper pre-qualification, we need an application filled out. We can do this in person, over the phone, or online. This gives me the basic information I need to asses your situation. Employment and income, assets, monthly liabilities through a credit check. We then discuss your budget and monthly housing expense goals and we work together to come up with a sale price and a loan product that you're comfortable with (30 year fixed, 15 year fixed, an ARM, etc).
This way, when you work with your real estate agent on the home search, you know exactly the sale price range you should be searching in, and will be sure that you can afford that home comfortably. Then your agent puts your offer into the sellers and if accepted, you go under contract to purchase the home.
It is here that we complete collecting any underwriting documentation we didn't use for the initial pre-qualification. This can include but is not limited to - two years taxes and W2s, two months bank statements, thirty days worth of paystubs, and two forms of ID. You'll be asked to connect me to your homeowners insurance agent as well.
I work with a fantastic team of mortgage operations specialists who will help us get your loan approved and ready for closing, and I'm with you every step of the way. I personally attend my closings to ensure that you are comfortable with every page you are signing.
Looking forward to connecting and assisting you in the purchase or refinance of your dream home. Thanks for visiting.