What To Expect: Your Initial Meeting with a Mortgage Professional
Home Buying & Improvement
The loan approval process generally begins with an initial interview when you and a mortgage professional discuss the potential loan.
You will need to set aside roughly 15 minutes to discuss your overall financial situation.
You should talk with our team before house hunting to determine in advance how much you can afford and the mortgage amount for which you might qualify. This step is called pre-qualification and can save you time and trouble by making certain you are looking in the correct price range.
During the pre-qualification process, be prepared to review the following:
- Credit reports for all borrowers. We will ask for name, address, and Social Security numbers as well as permission to pull the credit reports of all individuals seeking pre-qualification.
- Asset information for all borrowers, including checking, savings, investment, and retirement balances.
- Pay stubs, W2s, and tax returns for two years. We may ask for other proof of employment and income verification.
- Balance sheets and tax returns if you are self-employed.
- Any gift information, including how much gift money is available for down payment and closing costs.
Having these items on hand when you call or visit the mortgage company will help speed the pre-qualification process. Depending on your individual situation, you may be able to pre-qualify immediately. In more challenging situations, we should be able to pre-qualify you by the next business day.
