The mortgage qualification process includes looking at the borrowers credit history, employment history, and the size of the down payment, but that’s not all. Our video shows a playful walk-though with a prospective borrower of the mortgage qualification criteria, and below you’ll find the nine steps we walk you through start to finish.
A quick call, visit to the office, or completion of our secure online application gets the process started.
Once all of your information has been obtained and your consent provided, a credit report is requested. Any liabilities you have (e.g. car loan, credit card payments, student loans, line of credit) are reflected in the credit bureau and transferred to your mortgage application. This information is included in the Total Debt Service Ratio (a measure used by lenders to assess the borrower’s ability to carry the debt load for a mortgage).
An application is compiled and forwarded to the lender offering the best product for your individual situation.
We work with the lender to determine the amount of mortgage you qualify for, the best options, along with the best rate. We’ll also be collecting supporting documents, as the lender requests, from you, such as an employment letter, pay stubs and down payment history.
The lender provides a rate hold based on the information provided. Now it’s time for a meeting. We review the application and all related paperwork – ensuring you are comfortable with the process, and answer any questions you may have. This rate can be held for 120 days, there’s no rush, no pressure.
Now you’re ready to go shopping! Let us know when you’ve found that special property, written the offer to purchase and we’ll take it from there.
Your realtor will send us the offer to purchase and any related documents. Once reviewed we submit to the lender for mortgage approval. We’ll work directly with you to ensure all lender conditions are met.
Once all conditions are met we send an introductory letter to your lawyer. You will meet with your lawyer, sign documents and provide the remainder of your down payment.
Start packing – the move is next! We’ll provide you with a moving checklist to get you started.