Before you start seriously looking at homes to buy, it’s a good idea to get pre-qualified for a mortgage. Then you’ll know how much you can afford. After that, if you decide that you’re really serious about buying a home, you should get pre-approved for the mortgage you’ll need to complete the purchase.

Pre-qualification can be accomplished in about 10 minutes by simply calling Bruce Specter at (775) 338-6915. You’ll need to provide information about your income, your assets and your debts.  (See Pre-Qualification Form for standard questions).

Pre-qualification gives you a rough estimate of what you can afford. In order to know definitely what you can afford, you’ll need to get pre-approved for a mortgage. This involves a more involved process, but one of the benefits is that I will issue a letter of pre-approval when you’re financial documentation is approved. This comes in handy when you’re negotiating a home purchase, particularly if you’re competing with other buyers. A pre-approval letter should remove any concerns the sellers might have about your financial ability. Also, if you’re pre-approved you can usually close more quickly than a buyer who isn’t pre-approved.

How much house you can afford to buy depends on your income, your debts, your credit history and the amount of cash you have available for a down payment and closing costs. To get conditionally approved, we’ll complete a loan application (this can be done in person or over the phone), verification of your employment, proof you have the down payment money and authorization to check your credit.

In addition, we’ll need the following: W-2’s for the last 2 years and your most recent monthly pay stub if you’re salaried; tax returns for the last 2 years and a year-to-date profit and loss statement if you’re self-employed or if you receive commission income; copies of the last 3 monthly statements from financial institutions that verify your source of down payment and cash reserves; and copies of payment coupons on any outstanding loans like an auto loan or home mortgage. (See Mortgage Checklist)

First-Time Tip

The amount of paperwork required to qualify for a mortgage may seem overwhelming to first-time home buyers. That is why I take the time to explain the process, answer any questions that will arise and make the purchase transaction exciting, not anxious!

Loan approval for some mortgages requires less paperwork. For example, minimal documentation is needed to qualify for a no-income verifier (NIV) mortgage (also called a stated income mortgage). You need good credit to be approved for one of these loans. But basically I take your word in lieu of a formal income verification.

Most NIV mortgages require a 20% cash down payment (though there are programs with as little as 5% down). And the borrower is usually charged about a half percent higher interest rate on the loan. Home mortgages with the most competitive interest rates often require the most documentation.

The Closing

Before final loan approval, the lender’s underwriters will need to review the purchase agreement, a title report and a property appraisal. After the recording and funding of your loan, grab the keys move in and unpack (that’s where that is!!!).

I am available to assist you in obtaining the mortgage that best fits your financial goals and situation. I pride myself on treating each loan as if it were my own, working In Your Best Interest! ®

Get Conditional Loan Approval on Your Conforming Loan at the time of application! Call me for details.

Please contact Bruce Specter as he can provide you with pre-qualification and/or conditional loan approval in as little as 5-10 minutes. Or you may email Bruce with your phone number and indicate a convenient time to contact you, day or evening. 

Pre-Qualification Form

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