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Can I inquire about a loan before I find a property to purchase?
What is a credit score and how will my credit score affect my inquiry?
Will the inquiry about my credit affect my credit score?
Will I be charged any fees if I authorize my credit information to be accessed?
Can I borrow funds to use towards my down payment?
How do you decide what you need from me to process my loan?
I'm self-employed. How will you verify my income?
Will my overtime, commission, or bonus income be considered when evaluating my inquiry?
I am retired and my income is from pension or social security. What will I need to provide?
If I have income that's not reported on my tax return, can it be considered?
How will rental income be verified?
I have income from dividends and/or interest. What documents will I need to provide?
Do I have to provide information about my child support, alimony or separate maintenance income?
Will my second job income be considered?
I've had a few employers in the last few years. Will that affect my ability to get a new mortgage?
I was in school before obtaining my current job. How should I complete my inquiry?
If my property's appraised value is more than the purchase price can I use the difference towards my down payment?
I'm getting a gift from someone else. Is this an acceptable source of my down payment?
I am selling my current home to purchase this home. What type of documentation will be required?
I am relocating because I have accepted a new job that I haven't started yet. How should I complete my inquiry?
I've co-signed a loan for another person. Should I include that debt here?
I have student loans that aren't in repayment yet. Should I show them as installment debts?
Will a past bankruptcy or foreclosure affect my ability to obtain a new mortgage?
What is an installment debt?
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Yes, starting an online inquiry for a mortgage loan before you find a home may be the best thing you could do! When you find the perfect home, you'll simply call your Mortgage Loan Officer to complete your inquiry. You'll have an opportunity to lock in our great rates and fees then and we'll complete the processing of your request.

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A credit score is one of the pieces of information that we'll use to evaluate your inquiry. Financial institutions have been using credit scores to evaluate credit card, mortgage, and auto inquirys for many years.

 

Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is a compilation of all this information converted into a number that helps a lender to determine the likelihood that you will repay the loan on schedule. The credit score is calculated by the credit bureau, not by the lender. Credit scores are calculated by comparing your credit history with millions of other consumers. They have proven to be a very effective way of determining credit worthiness.

 

Some of the things that affect your credit score include your payment history, your outstanding obligations, the length of time you have had outstanding credit, the types of credit you use, and the number of inquiries that have been made about your credit history in the recent past.

 

Credit scores used for mortgage loan decisions range from approximately 300 to 900. Generally, the higher your credit score, the lower the risk that your payments won't be paid as agreed.

 

Using credit scores to evaluate your credit history allows us to quickly and objectively evaluate your credit history when reviewing your loan inquiry. However, there are many other factors when making a loan decision and we never evaluate an inquiry without looking at the total financial picture of a customer.

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An abundance of credit inquiries can sometimes affect your credit scores since it may indicate that your use of credit is increasing.

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There is no charge to you for the credit information we'll access with your permission to evaluate your online inquiry. You will only be charged for a credit report if you make an application and close the loan.

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Yes, you can borrow funds to use as your down payment! However, any loans that you take out must be secured by an asset that you own. If you own something of value that you could borrow funds against such as a car or another home, it's a perfectly acceptable source of funds. If you are planning on obtaining a loan, make sure to include the details of this loan in the Expenses section of the online inquiry.  Please keep in mind that the terms of the borrowed funds loan may impact your loan qualification.

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We take full advantage of an automated underwriting system that allows us to request as little information as possible to verify the data you provided during your mortgage inquiry. Gone are the days when it was necessary to verify every piece of data collected during the inquiry.

The automated underwriting system compares your financial situation with statistical data from millions of other homeowners and uses that comparison to determine the level of verification needed. In many cases, a single W-2 or pay stub can be used to verify your income or a single bank statement can be used to verify the assets needed to close your loan.

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Generally, the income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period.

We'll review and average the net income from self-employment that's reported on your tax returns to determine the income that can be used to qualify. We won't be able to consider any income that hasn't been reported as such on your tax returns. Typically, we'll need at least one, and sometimes a full two-year history of self-employment to verify that your self-employment income is stable.

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In order for bonus, overtime, or commission income to be considered, you must have a history of receiving it and it must be likely to continue. We'll usually need to obtain copies of W-2 statements for the previous two years and your most recent 30 days of paystubs to verify this type of income. If a major part of your income is commission earnings, we may need to obtain copies of recent tax returns to verify the amount of business-related expenses, if any. We'll average the amounts you have received over the past two years to calculate the amount that can be considered as a regular part of your income.

If you haven't been receiving bonus, overtime, or commission income for at least one year, it probably can't be given full value when your loan is being reviewed.

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We will ask for copies of your recent pension check stubs, or bank statement if your pension or retirement income is deposited directly in your bank account. Sometimes it will also be necessary to verify that this income will continue for at least three years since some pension or retirement plans do not provide income for life. This can usually be verified with a copy of your award letter.

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Generally, only income that is reported on your tax return can be considered when inquirying about a mortgage. Unless, of course, the income is legally tax-free and isn't required to be reported.

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If you own rental properties, we'll generally ask for the most recent year's federal tax return to verify your rental income.

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Generally, two years personal tax returns are required to verify the amount of your dividend and/or interest income so that an average of the amounts you receive can be calculated. In addition, we will need to verify your ownership of the assets that generate the income using copies of statements from your financial institution, brokerage statements, stock certificates or Promissory Notes.

Typically, income from dividends and/or interest must be expected to continue for at least three years to be considered for repayment.

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Information about child support, alimony, or separate maintenance income does not need to be provided unless you wish to have it considered for repaying this mortgage loan.

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Income from a second job may be considered if a history of secondary employment can be verified.

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Having changed employers frequently is typically not a hindrance to obtaining a new mortgage loan. This is particularly true if you made employment changes without having periods of time in between without employment. We'll also look at your income advancements as you have changed employment.

If you're paid on a commission basis, a recent job change may be an issue since we'll have a difficult time of predicting your earnings without a history with your new employer.

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If you were in school before your current job, enter the name of the school you attended and the length of time you were in school in the "length of employment" fields. You can enter a position of "student" and income of "0."

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Unfortunately, if you are purchasing a home, we'll have to use the lower of the appraised value or the sales price to determine your down payment requirement.

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Gifts are an acceptable source of down payment on many loan programs.  Some loan programs have limitations regarding gifts.  As each scenario is unique, please contact a Loan Originator to discuss your situation. 

Prior to closing, we'll verify that the gift funds have been transferred to you by obtaining a copy of your bank receipt or deposit slip to verify that you have deposited the gift funds into your account.

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If you're selling your current home to purchase your new home, we'll ask you to provide a copy of the settlement or closing statement you'll receive at the closing to verify that your current mortgage has been paid in full and that you'll have sufficient funds for our closing.

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Congratulations on your new job! If you will be working for the same employer, complete the inquiry as such but enter the income you anticipate you'll be receiving at your new location.

 

If your employment is with a new employer, complete this online inquiry as if this were your current employer and indicate that you have been there for one month. The information about the employment you'll be leaving should be entered as a previous employer. We'll sort out the details after you submit your inquiry.

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Generally, a co-signed debt is considered when determining your qualifications for a mortgage.

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Yes.  If you are not sure what the monthly payment will be at this time, enter an estimated amount.

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If you've had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage.

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An installment debt is a loan that you make payments on, such as an auto loan, a student loan or a debt consolidation loan.