Dreaming of a Bigger Backyard?
Whether you’re relocating, downsizing, or needing a bigger home, we are here to help. Since you are familiar with the process, we’ve included a quick refresher on what we consider when reviewing your loan:
The Property – The property is our “collateral” for your mortgage loan. The value, marketability, and condition of the property are extremely important. This information comes from the appraisal.
Your Income – We look carefully at your ability to repay your loan. Your job stability and gross income in relation to your expenses is critical. Most income must be verified as having been received for the most recent two years to be used for qualifying purposes.
Your Employment History – A stable employment history in the same line of work is considered ideal. “Job-hopping” is not looked upon favorably because it may lead to unstable income. However, if you have switched jobs within the same line of work for advancement in that field, there should be no problem.
Your Assets – The money you have available for a down payment, closing costs, cash reserves (money left over after closing), and other liquid assets is your net worth. You must demonstrate your ability to save money and manage your finances. We must verify the “source of funds” or where the money for the down payment and closing costs came from. Once you’ve applied, never move money around (pay off bills, get a gift, etc.) without first consulting with our mortgage team.
Your Credit History – Your credit score is a factor that will be considered by us when we look at your loan application. We want to know what your credit history is and whether you have the ability to pay back the loan. In short, good credit translates into lower rates for you. Credit scores can range between 350 (low) and 850 (high). The higher your score, the less likely you are to default on your loan. We will run a credit report to determine your credit score. If necessary, we will point out some ways to help you improve your credit score if needed.
Your Debts – The amount of debt you have affects your ability to repay your loan. Excessive use of credit will not be looked upon favorably. These factors affect the final loan decision.
Review this information before setting up your appointment with one of our Mortgage experts.
We offer the convenience of an online mortgage application. It takes about 10-15 minutes to complete.
When you meet with us seeking an approval, we will look at your entire financial picture. Then we determine what product best fits your needs today and in the future.
Contact our Mortgage team to schedule your appointment: email@example.com or 703.526.0200 x465.
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The Fine Print
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. NMLS# 477974
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