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When you begin looking for that new house, the big question is: "How much can I afford or how much do I qualify for?" The Mortgage Advisors Group's personalized pre-approval program will help you find the answer as quickly as possible. Once you are pre-approved, we will provide you with a pre-approval/commitment letter which solidifies your purchasing power in the eyes of your Realtor and home sellers. This is a critical step on the path to home ownership and our goal is to provide you, the Realtors and sellers, the confidence to move forward and purchase that home of your dreams.
Please call or email us today to get started on the road to home ownership.
Local Number: 661-254-3744 Ext. 19
Comprehensive Mortgage and Financial Services
Following are a few of the many services we provide. The bottom line is that we want to make your mortgage experience the best we can. Let us know what we can do to help you.
Professional Consultations - Face to face, via telephone or via E-Mail/Web.
Step 1 - Initial Meeting - Discovery, Needs Analysis
Step 2 - MAG Provides Snapshots, Analyses/Reports and Makes
Recommendations
Step 3 - Borrower Chooses Loan Program and Interest Rate Options
Step 4 - Processing, Appraisal, Underwriting, Approval, Documents, Funding, Close
Real-Life Examples - These real life examples demonstrate how we help you decide which loans are best for your unique circumstances.
Credit Report Consultations - We will explain your credit report and show you how you may improve your credit scores.
Rent vs. Own Analyses - Let us show you the benefits of buying vs. renting.
E-Mail Newsletter - Covers topics including Real Estate, Mortgage, Financial Planning, Tax Strategies, Insurance, and Estate Planning.
Your Initial Meeting with a Mortgage Professional
The loan approval process generally begins with an initial interview where you and the mortgage professional meet to discuss the potential loan. You will need to bring information to verify your income and long term debts.
You may prefer to meet with the mortgage company before house hunting to determine in advance how much you can afford and the mortgage amount for which you can 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.
To complete the 1003 Mortgage Application, you will need to gather:
- A purchase contract for the house (if you have one)
- Your bank account numbers and the address of your bank branch, along with checking and savings account statements for the previous 2-3 months
- Pay stubs, W2 withholding forms, tax returns for two years, or other proof of employment and income verification
- Credit card bills for the past few billing periods, or canceled checks for rent or utility bill payments, to show payment history and amount of revolving debt
- Information on other consumer debt such as car loans, furniture loans, student loans and retail credit cards
- Balance sheets and tax returns, if you are self-employed
- Any gift letters, if you are using a gift from a parent or relative or other organization to help pay the down payment and/or closing costs. This letter simply states that the money is in fact a gift and will not have to be repaid.
Having these items on hand when you visit the mortgage company will help speed up the application process. Usually an application fee and the appraisal fee will have to be paid when you submit the mortgage application. After the initial meeting with the mortgage company, you should have a general idea if you qualify for the size and type of loan you want. After the mortgage application, the mortgage company should let you know if you qualify for the loan within days. |