What is a Mortgage Broker?
A mortgage broker is a real estate financing professional who represents the borrower in obtaining financing from a variety of different lending sources.
Why go to a mortgage broker?
A mortgage broker's objective is to provide a valuable service to the consumer by offering more competitive programs, better service and rates. A brokers alliance with a number of major investors affords our clients a wide range of products for fulfilling almost any needs the consumer has.
Why get pre-approved?
In today's competitive real estate market a seller may be faced with multiple offers to buy their home, by being pre-approved you will stand out among the rest as being prepared, qualified and ready to close. Many sellers are resistant to taking their home off the market unless the buyer has been pre-approved. This pre-approval process demonstrates to the seller your willingness to take the home buying process seriously. Many times when presented with a 3% down pre-approved buyer or a buyer who has 20% down but has not gone the extra mile to be approved, the seller will accept the 3% down offer.
How do I get pre-approved?
To get pre-approved you will need to provide the following documents:
- 2 years W-2' s
- 3O days pay stubs
- 3 months bank statements an all assets i.e.: savings, checking 401k's
- If currently renting provide proof for the last 12 months or landlords name and phone number
- Provide a list of current outstanding obligations and balances
- If you've had a previous bankruptcy please provide the filings and discharge.
- Other documents may be needed, but this list will get us started.
