Financing Your Home Can Be Easy

Have questions about the lending process? Looking for a lender?

Pre-Approval VS Pre-Qualified

A pre-approval takes it to the next level!

The loan file has passed through underwriting, whether automated or manual, and is eligible for the terms provided. All supporting documentation from the borrower has been provided and reviewed.

It’s common for a pre-qualification to rely solely on verbal or written information provided by a person. This is typically information gathered on the initial loan application. Whether or not the lender pulls credit, no supporting documentation is provided by the borrower and no additional validations are completed.

Although the pre-approval process is more rigorous than a pre- qualification, neither is an absolute guarantee the loan will close. Pre-qualification or pre-approval is a way for a lender to help you and a seller estimate what you can afford.

 

Source: Sun American Mortgage

Lending Options

DO'S

Please note that during loan process, the team will reach out regularly via email with updates and document requests!

Be aware that with the new mortgage regulations passed, mortgages require MORE documentation than before. It is normal to have requests for more documentation as you loan progresses through processing and underwriting.

Within 24-48 hours of going under contract on your home. Please request a homeowners insurance quote and send a copy to your home loan advisor.

If you are using gift funds for your down payment, please meet with your home loan advisor to mark sure you document it correctly before transferring any funds.

Please let us know when you filed your taxes so we can plan accordingly when we process them through the IRS.

DON'TS

Please request your 401k funds now for your down payment, as they can take up to a month to arrive.

into your bank accounts before and during the loan process (the lending guidelines require us to document where it came from). Ask your home loan advisor if you have any questions.

Until your loan has closed. Do not have your credit pulled without checking with your home loan advisor.

Work to avoid any new debt and reducing your cash reserves