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We are excited to Educate, Inform and Empower you through the home loan process to ensure you can make a CLEAR mortgage decision.
2 – Collect documents – Click to see what you need to collect
3 – Review – “Mortgage Steps videos” below
After completing the steps above, we will be reaching out to schedule a pre-purchase consultation. At our meeting, we will review loan approval strategies, market interest rates, and next steps.
If you have any questions, please feel free to call or text us at +1 (480) 553-8770
Now take a few minutes to review my quick Mortgage Steps Videos below to ensure you are best prepared for the next steps in the process.
Why So Many Documents?
After the subprime crash in 2008, the government implemented checks and balances that have improved sound lending practices, BUT the issue with this is it comes in the form of more documents from you and your mortgage lender. I believe, overall, the regulation put in place was very needed.
There are 4 items that mortgage lenders must verify:
- Credit (Score & History) – we have options for a wide range of credit scores, and we can provide credit action plans to help increase credit as well.
- Capacity (Ability to Repay) – typically, you want your total debt including your house payment to be less than 45% of your monthly gross income. We have a few programs that can go higher.
- Collateral (the homes’ value & condition) – with an appraisal, we check the home’s value and conditions. Once we receive the value, I will call you to review the value and condition listed on the report. We lend based on the purchase price or appraisal, whichever is LOWER.
- Capital (Down Payment) – we have down payment assistance options to get you into a home for very little.
And YES, we will need additional documents during the process – such as new bank statements, pay stubs, employment info, or credit explanations. We will work with you to get these documents in quickly, if needed.
Most Common Delays & How to Avoid Them
Close timeline – When writing an offer to allow enough time for due diligence, we recommend at least 30 days but be mindful of the weekend, and the day you submit the offer.
Your Offer is Accepted, What Now...?
THANK YOU for allowing us to SERVE you with perhaps one of the largest financial decisions of your life. We promise to do our best through the home loan process.