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.
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    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!