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Step 1) Getting Pre-Qualified

Once we have an initial consultation to discuss your goals and questions, the first step is to complete a secure online loan application.

At this point your lender can discuss actual rates, fees and program options, as well as issue a pre-qualification letter and home shopping/purchase offer instructions for your real estate agent.

Step 2) Search For A Property

Your lender and real estate should agent communicate ahead of time to ensure there are no misunderstandings about how to prepare purchase offer, what price range to search in and the types of eligible properties and improvements that are available for your specific type of renovation loan.

Step 3) Submitting A Purchase Offer

The borrower and agent should meet with a contractor to discuss renovation costs about a specific property before an offer has been submitted to the sellers.

Step 4) Work Write-Up, Inspections, Appraisal

This is where the home-buyer, contractor and consultant meet, inspections are ordered and final costs are figured into a Work Write-Up and an appraiser is sent to the property to determine as-is and after-repair values.

Step 5) Final Underwriting

All of the property related reports and inspections are submitted to the bank along with any final borrower documentation for final underwriter review.

6) Loan Funding

This is where the final closing documents are signed by the buyer and the seller receives their check from the bank for the purchase price.

Our goal is to obtain speedy approval. The more thorough you are in preparing your paperwork, the faster we can move together on getting your loan approved and funded.

INCOME / Assets

• 2 recent pay stubs
• 2 years W2's & Tax Returns
• Self-Employed: K1 / 1099 / Profit and Loss YTD
• 2 recent bank statements

HOUSING

• Current and previous addresses for the previous 2 years
• Leasing: Name and phone number of landlord(s)
• Investor: Copy of lease agreements on rental properties

OTHER

• Copy of driver’s license
• Copy of Social Security card for all borrowers

Mortgage rates are based on a number of factors, such as Loan-to-value, Credit Scores, Program, Residence Type, Loan Amount, and Closing Date. Outside economic indicators and market movements influence mortgage rates as well. To get the best rate you'll want to work with a lender who understands these internal and outside influencing factors so that they can help you become familiar with what the bank and borrower do have control over.

In recent years, mortgage guidelines have been tightened. Documentation requirements have been expanded and followed more closely. A pre-approval gets you through the process and uncovers potential pitfalls long before you become obligated by a contract to purchase.

Certain loan programs, such as renovation, VA, USDA, or FHA, also have specific guidelines about the types of eligible properties.

You'll be certain about the price range that's best for you. You'll know how much cash you'll need to close, and you'll know your maximum monthly payment. Understanding your limits will help you negotiate with confidence. Plus, since sellers like a sure thing, you'll have an advantage over buyers who may not have been through the process.

Your pre-approval is typically good for the "shelf life" of the documents used. These will include a credit report, pay stubs, bank statements, W2s, tax returns, etc. The usable life of these documents will vary, yet it's usually safe to say that your approval is good for up to three or four months. During this time, it pays to file all important financial documents so they're readily available for future updates.

That's perfectly fine. There's no obligation to purchase a home or use a particular loan program once you've been pre-approved. In fact, pre-approval simply helps to assure you know exactly what's involved, that you are comfortable in a particular price range and that you are truly ready to make your move.