Buying a New Home
Getting pre-qualified is the first step in getting ready to buy a home. What this means is we get to know you, your goals, complete your application and credit. We review your goals and get your ready to buy your new home. Other companies may stop here. We get you ready to get your offer accepted. After reviewing your profile, we will ask to review your financials, down-payment game plan, small changes to your credit and verify your income. We then issue a verified pre-approval.
According to the CFP, nearly 50% of home buyers do not shop for a mortgage (article link).
If you have any doubt or just want to do a loan-check, we would love to speak with you. If you are not 100% confident, with your current pre-qual, we should talk. We believe a verified pre-approval from us may help you go toe-to-toe with almost any offer out there.
How much closing costs will I have?
Closing costs on a purchase vary and there are many variables. Closing costs vary from company to company. Our costs are minimal. We don’t charge any lender or underwriting fees. The majority of the closing costs will come from 3rd party costs e.g. title, escrow, notary, recording and appraisal. The other costs will be pre-paid items and daily interest. We work with multiple lenders with many products with flexible down-payment options. Depending on the interest rate you choose, we may be able to apply a lender credit to help offset closing costs.
How long is a pre-approval good for?
A pre-approval is usually good through the date of your credit report expiration. Your credit report is usually good for 120 days from the date of the most recent inquiry.
How does a pre-qual differ from a pre-approval and verified pre-approval?
A pre-qual is a preliminary review of your capacity to qualify for a mortgage. It usually consists of a loan application and credit report inquiry. A pre-approval includes a pre-qualification but also adds a review of your financials. Our verified pre-approval goes further. We verify your income and order any necessary employment verifications up front. We develop a game plan for your down payment to ensure there are not issues at closing. We work with your agent to get your offer accepted.
What is a cross-qualification (cross-qual)?
A cross-qualification is when the seller requires another mortgage loan originator (MLO) to review your financials. A seller or listing agent can not force you to use another mortgage company. You choose the company and MLO who makes you the most comfortable and confident.