As with any mortgage program, you must qualify based on loan qualification guidelines and standards for the program that you choose. Call a Residential Mortgage Loan Originator to get pre-approved with no up-front cost or fees. You will be asked a minimum of these four important qualifying questions during the pre-approval process. Being prepared makes this process pretty painless and quite fast!
- What is your Gross Monthly Income and did you write off any business expenses or file a schedule 2106 Unreimbursed Employee Business Expenses form on your tax return?
- What is your Total Monthly Debt? - A Loan Originator can pull your credit report with a signed credit authorization form at no cost up front. (Please be sure to include any alimony, child support or separate maintenance payments, if paid monthly.)
- What are your Total Assets? - Please include savings, checking, gift funds, 401K, and anything else that will be used for closing.
- Do you currently own any real estate? - If so, please be prepared with all monthly expense information including taxes, insurance, mortgage insurance and HOA dues.
By preparing for these common mortgage qualifying questions you will get great head start on your mortgage loan application. If you have any questions please contact one of our qualified specialists.