Preapproval
If you have found a home that you would like to
buy - or just want to refinance your own home - getting
pre-approved means that your credit and loan amount have been
evaluated, and you can be confident that you will get the loan
amount that you need. At One Stop Mortgage, we can lead you
through the pre-approval process.
Filling out the loan application
If you have already filled out the on-line
application, your mortgage broker already has much of the needed
information. Otherwise, just come into the office and we will walk
through the application with you. We will need information on your
income, expenses, and employment. Only with your consent will we
pull your credit (we will need to do this before submitting a loan
application).
The credit check
You will probably want to come into the office to
review your credit report. If there are any errors, they can be
addressed while you are talking to a mortgage broker. Depending on
your credit score, the loan officer will outline the options that
are available to you.
The down payment
The down payment that you will need depends on
your credit score, and which program you select. Many borrowers
want the largest down payment that they can afford - this reduces
the monthly payment and can shorten the payback period. Other
borrowers have no cash reserves for a down payment, and need
special programs. Based on your budget and the program we identify
as best for you, a good faith estimate will be generated.
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