The LOAN PROCESS...THE FIRST STEP it is to “PRE-QUALIFY”

After talking with several, choose the lender that offers the best terms and that you think can meet your closing date target. Start the PRE-APPROVAL LETTER process  by answering a few questions about your household income and debts. Then,  LENDERS check your credit scores and pre-qualify you over the phone. We will include your pre-approval letter with offers.   It is not uncommon for sellers to have SEVERAL offers on the table SIMULTANEOUSLY.  If you have a pre-approval letter, yours will be the most attractive.

Disclose accurate, compete income, debt and credit history information. Disclose any questionable facts about yourself and your spouse. With this, the LENDER can give you a quick pre-approval as well as the maximum mortgage amount they can finance for you. They will let you know if a loan is not possible through them. Often a few negatives (even bankruptcy,etc.) can be solved with some creative thinking, resulting in a loan approval.

You can "shop" interest rates over the phone before sitting down with a LENDER. Disclose what you are doing. The following are some good questions to discuss: What programs are available? (Fixed Rate, LIBOR, ARM, Balloon, 80/20) Can you complete the loan process by my target move-in or close date? What rates and payments can I expect? What does my payment cover, principal and interest? What other monthly expenses should I anticipate? (Real Estate Taxes, Insurance, PMI) What is PMI? What are Points? What are Discount Points? Will I have any? What are Origination Fees and will I have any? What are the Lock-in terms, if any? What other closing expenses can I anticipate? Loan Brokerage Fees Survey Credit Report Flood Certification Processing Fees Underwriter Fees Mortgage Broker Fees Appraisal Fees Tax Service Fees Document Preparation Fees Please click here to access a telephone interview sheet.

When meeting with your LENDER, plan to take as much verifying documents to the initial meeting with your lender. The following are some typical documentation required to verify income and expenses: (Your lender’s requirements may be different.) o        Checking Account Statements (most recent 1 to 3 months) o        Investment, IRA and Pension Plan Account Statements (most recent 1 to 3 months) o        Income Tax Statements (previous two years) o        Pay Stubs (most recent 30 days) o        Current Mortgage information (lender, account number)

Below are some LENDERS that will usually pre-qualify over the phone also see “Mortgages” and “Banks” in Yellow Pages. Please NOTE that STONEGATE REALTY receives no money from any of these companies or persons.

CTX MORTGAGE 615-373-3007 TONYA ESQUIBEL DIRECT LENDER - In-House underwriting   Construction, High Loan to Values (LTV's), Limited and No Documentation, First Time Homebuyer, Jumbo, FHA, VA and B-C (Credit Glitches).

Countrywide Mortgage Direct Lender and In-House Underwriting 615-302-2655 or 429-3459 Nea Paquet Quick pre-approval, 10 day closing

STONEGATE REALTY

ROGER JACKSON  615-294-4650 KATHY JACKSON, GRI, BROKER 615-417-4649

LICENSED IN TENNESSEE