Buying a home can be an overwhelming process. We understand this so we are going to break it down. We will talk about how and what loan officers need during the home buying process. At Mint Mortgage, we strive to make this journey as seamless as possible.
Step 1: The homebuyer must gather all important documents (tax returns, W-2s, bank statements, photo ID).
Step 2: A loan officer will ask you questions about your income, debt, credit, and other parts that might play a factor in buying a home.
Step 3: The loan officer will pull your credit. This gives the loan officer two things: your actual credit score and a look at the data on your credit report.
Step 4: Once we have this information, we can calculate your debt-to-income (DTI) ratio and how much you are able to afford. The more information you can give your lender upfront, the stronger your pre-approval.
Step 5: Your income is verified by your loan officer and processing. Bank statements will also be checked to see assets.
Step 6: If all of your documents are verified and up to par, you will receive a pre-approval letter. This will tell you how much money the bank is willing to let you borrow.
Tips to Make Application Process Quicker
Be as detailed as possible during the application process. This will help your loan officer better understand how they can help you.
Have your documents ready! (W-2, credit score, ID, tax returns, statements, etc)
Check your credit history and calculate your debt-to-income ratio beforehand.
Closing Frequently Asked Questions (FAQs)
What is a closing disclosure?
This is the document you receive shortly before your scheduled loan closing. It contains the locked-in cost of your loan and the specific amount you will need to pay at closing. It will also show if any costs have changed since the loan estimate.
Where do I find someone to do an appraisal?
Don't worry! Your mortgage lender will most likely schedule the appraisal. Sometimes, a lender will use an appraisal management company.
What are closing documents?
Deed of Trust
Certificate of Occupancy
Have more questions? Contact us for all your mortgage needs!