Mortgage Pre-Approval Imagine buying your dream home. Connect with a lender to help you make it happen.

    Sponsoring Lender: Village Bank Mortgage

    Why should I get pre-approved?

    There are many reasons why you should get pre-approved early in the process of purchasing a home. First, a Pre-Approval Letter is essential in today’s competitive real estate market — not only for peace of mind, but to ensure that you only look at homes that are truly in your price range.

    Secondly, a Pre-Approval Letter will also assist in negotiating a Sales Contract. A Seller will give more consideration to a potential Buyer with a Pre-Approval Letter vs. a Borrower who has not been pre-approved. Without a Pre-Approval Letter, you may miss out on purchasing the home of your dreams!

    How do I get a pre-approval letter?

    Pre-approval is easy with Movement Mortgage! Simply provide the documentation below, sign an application, and you could be pre-approved within just a few days.

    • Last two years Personal Federal Tax Returns (and Corporate, if applicable)
    • Last two years W-2 or 1099 forms
    • Paystubs to cover a one month period
    • Last two months Bank Statements (checking, savings, 401k, IRA, stocks, etc.)
    • Year-to-Date P&L Statement, if self-employed
    • Divorce Decree, if applicable

    How do the new Qualified Mortgage laws effect me?

    The new Dodd-Frank Qualified Mortgage laws went into effect on January 10, 2014 and have affected mortgages all over the country. In order for a mortgage to be considered a Qualified Mortgage, a borrower’s Debt-to-Income Ratio should not exceed 43% of their monthly income. Income is going to be reviewed with a find tooth comb.

    This is especially important for borrowers who:

    • are self-employed
    • earn overtime, commission, or bonus income
    • receive retirement or Social Security Benefits
    • work part-time
    • do not have a 2-year work history
    • are paid by the hour

    Income is being scrutinized to ensure that the current income is “likely to continue” — there are no gray areas.

    Have more questions? Please let us know how we can help!

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    Have Davy Sell Contact Me About

    Please do not submit any confidential information. This will be shared with both Village Bank Mortgage and Explore Realty Group.

    About You

    Sponsoring Lender

    Davy Sell

    Davy Sell NMLS# 1520650

    Loan Officer
    Village Bank Mortgage
    13305 Midlothian Turnpike
    Midlothian, VA 23113
    Visit my website
    Apply for a loan
    Mobile: (804) 908-2640
    Office: (804) 419-1246

    Let me know how I can assist you with your Central Virginia mortgage needs. I am here to help!