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.