Anyone that is financing a home through a financial institution such as a bank, the mortgage process applies to everyone. Initially you will speak to to a processor that will collect required documents to start the process. You will be required to sign a consent for the lender to pull your credit score. Your credit score determines your credit worthiness. Be prepared to gather proper documents requested based on your employment status. It is good to have a star realtor that can get you ready for this process and hand off to lender of preference. There cannot be any derogatory or disputes on your credit report with any creditors. If so they must be negotiated, paid off and removed. Be sure not to change jobs, use excessive credit cards and there are many more. Our job a your realtor is to take the fear out of this process. Consult you realtor and lender if any questions whatsoever arise.
There are required documents to process your loan. These documents consist of W-2's, and or last two current tax year returns and bank statements. Between your tax returns and credit report, the processor can determine how much of a home you may qualify for. Out of this, there is a debt ratio that you must stay below depending on what type of loan applied for. If qualified, the processor will then issue a pre-approval or conditional letter with the maximum loan allowed. The word conditional means there some open items that must be cured to certify this step. /PRE-APPROVAL-LETTER---32819---32836---Dr-Phillips-6-22986.html
This is truly where things can get tough. The underwriter is responsible to clear the file to close. They look for everything five and six times over for anything that can possibly that can prohibit the loan to be signed off. Do not get frustrated if they keep asking for documents.When they ask, immediately give it to them and you will be that much closer to receiving your keys to your home. If you are self employed, the process is even more of a tedious process. Trust your local home advisor Kevin Strawter at 850 496-6412 or email email@example.com to steer you in the right direction.