How much you can afford?
For non-cash buy borrower, before start looking a home, it’s very important to find out how much you can comfortably afford for or lender can approve them based on their financial situation.
Most easy way is to find a mortgage broker to help you do a pre-qualification or pre-approval which rovides you professional opinion about the maximum loan amount and interest rate customer can afford based on buyer’s monthly income, debts and credit history etc.
Some people might choose retail lender. But smart shopper always start with an independent agent. Click here for Why.
- Normally borrower don’t want to run credit report right away but like to have a basic idea
- Experience broker can judge /analysis do-ability of the loan and give thoughts to customer
- Generally will not run your credit score
- Recommend to be as a good start point before you seriously pursue a deal.
- Run through Fannie Mae or Freddie Mac approval Engine and get official pre-approval letter from this two system.
- Will run your credit score and review credit history
- Serious inquiry when you for sure want to pursue a house
- Can avoid unknown risk about your loan and gives a peace of mind when you making offers.
- Most agent and seller require it before considering your offer.
Steps for Our Free Loan Pre-qualification/Pre-Approval
- Email or fax us at (888) 296-6176 the following income and asset documents according to our loan document checklist, but most, you can sent us the following items for us to do a preliminary review first.
- For first time home buyer and w2 income earner, please sent item 1, 3, 7, 8
- Otherwise, please sent item 2, 3,7,8.
- If own more than 1 property, please sent item 4,5,6 so that we can calculate in detail.
- Last 2 year W2s and 1 month pay stubs
- Last 2 year federal tax return 1040 form with all schedules if own more than 1 property or self-employee
- Last 2 month Bank statements to show enough down pay and reserve. If money not in bank now, where it will be coming from.
- Most recently mortgage statements, lease, fire insurance and property tax info for all home customer have now.
- Home hazard insurance copy or insurance agent contact info
- If have HOA, HOA statement or HOA info
- Driver license copy for all buyer on title
- If Green Card, copy of front and back of the Green card. If visa ,copy of the legal visa to US
- We will issue Pre-qualification or Pre-approval letter to you within 1-2 business days.
- With your new pre-qualification /pre-Approval letter, now you can buy with peace in mind