Start Your Homebuying Journey Right. Book a free 1-on-1 session with Kyle to go over your homebuying options Book a Call
We are at the peak of the home-buying season, and now is the best time to get financing on a mortgage. Getting pre-approved for a mortgage loan shows home sellers that you’re a serious and capable homebuyer. To get you started, I’ll share three key steps in the mortgage process that you need to learn.
1. Pre-qualification. You need to talk to a licensed loan officer, who will take your application via phone or online and run your credit. They’ll analyze the information you put in the application, including your income and job history, and run it through an automated underwriting system from Fannie Mae or Freddie Mac, as well as their loan officer software. This will result in an initial approval.
2. Pre-approval. You must prove that the information you provided in your application is accurate. We will verify your income and assets by requesting documents such as pay stubs and bank statements. If your W-2 says you are self-employed, we must see your tax returns. After verification, you will receive a pre-approval letter, which is more important than a pre-qualification letter because it lets us inform the seller, listing agent, and buyer’s agent that your income has been verified and you are qualified to submit an offer with a high chance of closing.
3. Underwriting. We will package your loan and submit it to an underwriter for final approval. This may take a day or two, depending on the terms of the lender. Once approved, we’ll address any remaining items, like the appraisal, title search, taxes, and insurance. After the underwriter gives the final sign-off, you’ll be ready to close on your home. We’ll help you sort out the cash needed for your down payment and closing costs. Then, you’ll sign the paperwork, wire your funds, and become a homeowner.
If you want to get pre-qualified and pre-approved today, or if you want to buy in the future, contact us. I can help you get pre-approved. You can reach me at 801-687-2018 or kkoller@umortgage.com. We can help you calculate your budget so you can be confident when buying a home.
