Pre-Approval
Thank you for choosing to work with me on your pre-approval! Please complete ALL of the following steps to get started:
Pre-Approval Application:
Complete the online application here:
Embedded Files
Save your password for future document uploads. You can log back in Here to submit any requested documents.
Credit Report:
Once your have completed the application questions order and pay for your credit report here (typically around $135):
If applying with a spouse or co-borrower, include their information in the same application to avoid duplicate report charges.
If your credit is frozen, temporarily lift the freeze with Equifax, Experian, and TransUnion before ordering your report.
What Happens Next?
Once you've completed your application and ordered your credit report, I'll review your information and typically reach out within one business day to discuss the results and next steps.
I'll also provide an estimated fee worksheet based on your anticipated purchase price, so you have a better understanding of your potential monthly payment and out-of-pocket costs.
If you have any questions along the way, please don't hesitate to reach out!
Frequently Asked Questions
Frequently Asked Questions
How long is my Pre-Approval good for?
How long is my Pre-Approval good for?
Your pre-approval is valid for 90 days from the date your credit report is pulled, provided there are no significant changes to your financial situation.
Can I schedule a mortgage consultation before completing the application?
Can I schedule a mortgage consultation before completing the application?
Absolutely! I'm happy to discuss your homebuying plans, financing options, and any questions you may have before getting started.
Simply email me at Andrew@homesmortgagelending.com with a few days and times that work well for you, and I'll get back to you promptly to schedule a call.
Can I get an estimate of my mortgage payment and closing costs before applying?
Can I get an estimate of my mortgage payment and closing costs before applying?
Yes! If you'd like to explore hypothetical numbers before completing a pre-approval, you can request a a personalized hypothetical estimate here:
I will typically have the quote to you within one business day of completing the form
Will getting pre-approved affect my credit score?
Will getting pre-approved affect my credit score?
Pre-approval involves a credit inquiry, which may have a small, temporary impact on your credit score.
If you're shopping with multiple mortgage lenders, credit scoring models generally recognize mortgage inquiries made within a designated shopping period as a single inquiry for scoring purposes.
Why do I need to pay for my credit report up front
Why do I need to pay for my credit report up front
Credit reports are a standard expense in the mortgage process. Some lenders collect this fee upfront, while others collect it at closing. Either way, the cost is generally passed along to the borrower.
At HOMES Mortgage Lending, the fee is collected upfront. This helps me keep overhead low and offer highly competitive mortgage rates.
Lenders that defer these costs until closing often account for them in their overall pricing, potentially resulting in higher rates or fees.
How long does the pre-approval process take?
How long does the pre-approval process take?
The pre-approval application and credit pull will typically take you about 20 minutes to complete. Once completed I typically review your applicatoin and reach out to you within one business day.
What documents will I need?
What documents will I need?
Documentation requirements will vary depending on your specific financial situation but for pre-approval they typically include one months' paystubs, two month's bank statements, your last two year's W-2s, and your most recent mortgage statement if applicable.
Do I need at least a 20% down payment to purchase a home?
Do I need at least a 20% down payment to purchase a home?
No! Down payment requirements vary depending on the loan program and your individual qualifications, but many options require much less than 20%.
For example:
Conventional loans: As little as 3% down
FHA loans: As little as 3.5% down
VA loans: 0% down for eligible borrowers
USDA loans: 0% down for eligible borrowers and properties
HOMES Mortgage Lending, LLC licensed in Michigan NMLS# 2312240
Andrew@HOMESmortgagelending.com
734-660-5544
469 Hickory Bluff Ln, Chelsea, MI 48118
NMLS Consumer Access: mortgage.nationwidelicensingsystem.org/about/Pages/NMLSConsumerAccess.aspx
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