Pre-Qualification
Start With a Mortgage Pre-Qualification
To begin, are you ready to take the next step? Begin your pre-qualification by providing some initial information.
Alternatively, would you prefer to talk first? Call us at (240) 670-5090 or email CJMT@mainstreethl.com. In addition, we’re happy to discuss your goals, answer your questions and help you understand your financing options.
For example, we can compare down payments, mortgage insurance and estimated monthly payments. Ultimately, we’ll help you identify a financing approach that fits your plans. Therefore, starting early can make the home search more focused.
Information We’ll Review
Topics covered for your pre-qualification:
Housing/Mortgage Preferences
Personal Information
Property Information
Employment Information
Assets
Housing
Declarations
Steps of the Home Buying Process
Getting Pre-Qualified
First, we’ll review your financial and employment information, goals and preferences. Then, we’ll explain the financing options that may fit your situation.
Next, we’ll help you establish a comfortable financing range. As a result, you can shop with a clearer understanding of your budget.
Once your pre-qualification is complete, we can provide a pre-qualification letter to submit with your purchase offer. When you’re ready, pre-qualify here.
Loan Preparation Checklist
For example, most buyers should prepare the following documents:
- First, gather your most recent 2 years of federal tax returns
- Next, gather your most recent 2 years of business returns with K-1 statements, if applicable
- Also, gather your most recent 2 years of W-2s and/or 1099s
- Then, provide your most recent pay stubs covering approximately 30 days
- In addition, provide your most recent 2 months of bank statements
- Furthermore, provide your most recent 2 months of investment or retirement account statements
- Finally, provide a clear copy of your driver’s license, permanent resident card or visa, as applicable
Because every situation is different, additional documentation may be needed. We’ll let you know what applies to you.
Preparing a Competitive Offer
In practice, once you find a home, your real estate agent will help you prepare and submit an offer to the seller.
Before submitting it, however, please send us the property address and planned offer amount. Then, we can update your financing estimate and prepare a property-specific pre-qualification letter. Consequently, your agent can include current financing information with the offer.
In addition, we can review the proposed purchase price and loan structure. Therefore, you’ll have a clearer picture of the estimated mortgage terms before your offer goes in.
What Happens After Contract
Once the seller accepts your offer and we receive the fully executed sales contract, the mortgage process moves into its next phase. Next, we’ll confirm your loan details, provide the required disclosures and discuss your interest-rate lock options.
From there, the process typically includes:
In particular, we coordinate the following loan milestones:
- First, ordering the home appraisal
- Next, coordinating title work with your chosen title company
- Then, completing employment verifications
- Also, completing required property, flood and fraud-related verifications
- In addition, reviewing your income, asset and credit documentation
- Afterward, confirming your homeowners insurance coverage
- Next, submitting your loan to underwriting
- Then, addressing any underwriting conditions or additional documentation requests
- Finally, obtaining final underwriting approval
- Ultimately, receiving final loan approval and preparing for closing
Meanwhile, we’ll keep you and your real estate agent informed of important loan milestones, documentation needs and contract deadlines.
Ultimately, our goal is to keep your financing on track and help you move toward closing with as few surprises as possible. Therefore, you’ll always know the next important step.
Preparing for Settlement
As you approach closing, you’ll receive a Closing Disclosure showing the final loan terms and the amount needed for settlement. Afterward, we’ll review the figures with you and answer your questions.
Next, your title company will provide instructions for sending the required funds. Most importantly, follow its verified instructions carefully. Also, contact the company directly with any questions before sending money.
On the day of closing, you can generally expect to:
Specifically, the final appointment usually includes these steps:
- First, meet at the title company or designated closing location
- Next, provide any required identification and closing funds
- Then, review and sign your final loan and settlement documents
- Afterward, complete the documents needed to transfer ownership of the property
- Finally, receive your keys once the closing process is complete
Finally, we’ll work with you, your real estate agent and the title company leading up to closing. That way, you’ll know what to expect and what we need from you.
After Closing
After closing, you’ll receive information explaining how and where to make your mortgage payments. However, your loan servicer—the company that collects your payments and manages your account—may differ from the lender that originated your mortgage.
For example, it can take a few weeks to establish your servicing account. Once the information is available, you’ll receive instructions for making payments and setting up the account.
Important: Most importantly, always use the payment instructions in your official loan or servicing documents. If you receive unexpected instructions or are unsure where to send a payment, contact your loan servicer or our team before sending funds.
In addition, we’re here to help with questions about the transition to servicing or the appropriate contact for your mortgage account.