Once your loan application is filled out and sent to the lender for review, thefirst thing they will look for is your ability to payback the loan you arerequesting. My team and I have a streamlined loan process to help you getyour ducks in a row prior to this review. A grand slam loan package is inperfect order and answers all the important questions up front. We knowwhat the lenders are looking for, based on long-term relationships with themand extensive knowledge of guidelines for a multitude of loan programs thatare available today.

What is the lender looking for when they review the loan application?.

The lender wants to know about your personal financial picture, includingsavings and credit history and your employment stability. The co-borrower'shistory is also taken into consideration. The lender also considers the loanamount and appraised value of the home you are looking to purchase. Not every applicant is approved the first timethrough the process. If the underwriter has any questions or concerns, he or she will require certain conditions be metbefore they approve the loan. Pre-approval prior to house hunting lets you know exactly how much you are qualified toborrow in advance.

What can I do on my end to make it easier?

Before taking out a home loan it helps to establish a consistent record of paying your bills on time. If you have utility billsthat are overdue, bring these up to date. Make sure you are paying credit card installments in a consistent and timelymanner

We can help you evaluate your debt-to-income ratio to determine what mortgage payment will be comfortable andaffordable for you on a monthly basis. Aim for having enough savings to cover your down payment, closing costs ifnecessary, and two month's expenses in case of emergency. We'll help you find the loan program that works for you.

If I just started a new job six months ago, can I still apply for a loan?

A stable employment history is important, but the lender does take human factors into consideration. If you've recentlycompleted college or vocational training, or were released from the military, you have good cause to have a lack ofconsistent work history. If your profession is seasonal, and gaps in employment are normal in your field, there are loanprograms that can work with your situation. If you are a freelancer or do contract work, the lender will look for consistencyin income over the last two years.

Consistency is the key word in the lender's mind. But know that lenders have developed many different loan structures tomeet the needs of the general public. When your grandparents bought their first home, they probably put 50% down andmade a lump sum payment when the note was due. Times have changed, and so have loan programs. My team and Istay on top of current mortgage trends. We monitor rates daily and have a support network of Realtors®, CPAs, FinancialPlanners and Credit Repair Consultants to lend you additional assistance.

Call me directly for a free consultation