What do I need to do to get prequalified?
- Gather your bank statements, w-2 forms and paycheck stubs and send to us
- Michael will pull your credit and evaluate your documents
- He will discuss with you what your best options will be
- He will then write you a prequalification letter
Having a prequalification will show all parties how serious you are about an offer and will make the whole process less stressful.
What documents do I need?
Most loans require the following:
- Copy of your Social Security card
- Pay stubs for the last two months
- W-2 forms for the past two years
- Bank statements for the past two to three months
- One to two years of federal tax returns
- A signed contract of sale ( if applicable)
- Information on current debt, including car loans, student loans and credit cards
What is the difference between FHA and a VA Loan?
FHA loans have a loan guarantee by the Federal Housing Administration FHA issues specific guidelines for mortgages. A VA loan is a loan guaranteed by the Veterans Administration. To qualify for a VA loan, you must have served in the Armed forces for a specific amount of time.
What does “PITI” mean?
PITI is your Principal + Interest + Taxes + Insurance = a monthly mortgage
What is Debt Consolidation?
It is a process that consolidates all of your debts into one large one. You then make one monthly payment.
What are the benefits of a Debt Consolidation Loan?
- You only have one monthly payment & it’s lower than all your payments you make to your creditors combined.
- The interest rate you pay is lower so more of your payment goes directly to the principal
- Combining all your interest bills into one payment makes your bill paying easier on you
If you have questions we have not answered, please feel free to send us a message
Do You Know How Much Home You Can Afford?