Mortgage Qualification & Approval

So you’re finally ready to purchase a home. You’ve been saving up and looking at listings, and you know what you want in a property. Now you’re ready to move on to the next steps and make your home buying dream a reality. You’re ready for the loan origination process.  Unless you’re buying a home...

For most of us, the first step on the path to homeownership is to apply for a mortgage. When you apply for a home mortgage loan, your lender must confirm that you can repay the loan. To determine your creditworthiness (think: how much lenders can rely on you to repay a loan), your lender will...

Let’s say you recently sold your home and want to buy a new home. Or maybe you’ve decided to refinance your mortgage with a new lender. In either case, your new lender is going to want to know more about your history with your previous mortgage lender.  To get that information, they may request a...

You’ve decided you’re ready to buy your first home, and you’ve started the mortgage loan application process. Everything has gone smoothly, but now your lender mentions that they want to grant you conditional approval.  This may leave you wondering: What is conditional loan approval? And what does it mean for you?  Conditional approval on a...

You’ve chosen your lender, and you’ve got your eyes on the perfect house. 🏡👀 The next step is to put an offer in.  Including a mortgage commitment letter with your offer can help you stand out to a seller. The letter shows that you’re a serious buyer, and a lender has promised to finance your...

When a marriage ends in divorce, it’s hard for everyone involved. And once the split is complete, people will inevitably want to move on – and that may even include buying a new home.  Buying a new home will likely mean getting a mortgage. And lenders are going to want to get a complete picture...

If you’re an aspiring homeowner, it’s a good idea to know your debt-to-income (DTI) ratio (aka your debt ratio or income ratio) because it can play a big role in determining whether you’ll qualify for a mortgage. There’s a lot to learn about your DTI, but here’s a quick overview of the basics: You figure...

If your credit score is low, you might think you’ll never be able to own a home – but that’s not always true. While a good credit score can unlock the doors to homeownership, aspiring home buyers with less-than-good credit aren’t shut out of the real estate market either.  We can tell you what it...

Do you qualify for an FHA loan based on your credit score and credit history? And even if you do, is an FHA loan the right choice for you? If your credit score is under 620, you may not qualify for a conventional mortgage, but a Federal Housing Administration (FHA) loan could be the answer...

When you co-sign a mortgage, it shows that you trust a friend or family member enough to put your own finances at risk to help them qualify for a mortgage. However, becoming the co-signer for a home loan isn’t a decision to be taken lightly. Not only can it have a significant impact on your...

Getting preapproved for a mortgage is the first big step in the home buying process. It can help you get your purchase offer accepted because it signals to the seller that a lender is willing to loan you money to buy a house.  A preapproval is a lot of things, but here’s something it isn’t:...

Do you feel like self-employment is keeping you from getting a mortgage? It’s a common feeling, but you may have an easier path to homeownership than you think. When it comes to mortgages for self-employed borrowers, several key factors can help you qualify for an attractive loan. Mortgages for Self-Employed Home Buyers: What’s Different? To...