Your Initial Meeting with a Mortgage Professional

The loan approval process generally begins with an initial interview where you and a mortgage professional discuss the potential loan. You will need to set aside roughly 15 minutes to discuss your overall financial situation.

You should talk with our team before house hunting to determine in advance how much you can afford and the mortgage amount for which you can qualify. This step is called pre-qualification and can save you time and trouble by making certain you are looking in the correct price range.

During the pre-qualification process be prepared to review the following:

  • Credit reports for all borrowers (which mean we will need name, address and social security numbers and permission to pull credit of all individuals seeking  pre-qualification.
  • Asset information for all borrowers including checking, savings, investment and retirement balances.
  • Pay stubs, W2s and tax returns for two years (for those who are self-employed, derive the majority of their income from commission or own rental property) and other proof of employment and income verification
  • Balance sheets and tax returns, if you are self-employed
  • Any gift information (how much gift money is available for down payment and closing costs).

Having these items on hand when you call or visit the mortgage company will help speed up the pre-qualification process. Depending on your individual situation, Homeowners Advantage may be able to pre-qualify immediately. In more challenging situations, we should be able to pre-qualify you by the next business day.