Get Pre-Qualified for Your New Home Mortgage

Why Get Pre-Qualified?

With a pre-qualification your offer will be taken more seriously by sellers as it shows that you have the financial ability and budget to complete the purchase transaction.  It will also give you an idea of how much home you can afford and give you a good picture of what your monthly expenses would be with a mortgage. 

How to Get Pre-Qualified

Very Simple. Call Three Home Loan Sources.  It is a good idea to shop your interest rate and loan fees around.  Start with your current bank, then talk with a local credit union (it might be worth it to join based on what they can offer), and finally contact a mortgage originator.  Each of these source will take about five minutes to ask you questions about your income, assets, expenses and debts.  From that they can pre-qualify you for a specific amount for your home loan. 

Why You Need to Shop Around

There is generally no best source at any given time for the best financed deal for you.  Rates and loan fees can vary based on a variety of factors which can change on a regular basis from one mortgage provider to the next.  You can save yourself anywhere from a couple of hundred dollars to several thousand over the life of the loan if you take the time to shop your loan around. 

Customers are often fixed on the interest rate and rightly so, but one thing that is often overlook are your loan fees.  This is the fee the lender charges just to create your loan.  Coupled with the price of the appraisal and other misc fees, these can tack on hundreds of additional dollars. 

There are three parts to every financed home closing: View Buyers Guide to Closing Costs

1. Loan Fees (origination fee, appraisal, these can vary greatly so it is best to shop these)
2. Pre-Paid Fees (these are items such as pro-rated taxes, HOA fees, home insurance and escrow funding.  Fees that you will get the benefit of, you are just paying in advance)
3. Government and Title Fees (fees to record the mortgage and deed and pay the title company to handle the closing).

As mentioned, it is a good idea to contact:

1. Your Current Bank
2. Your Local Credit Union
3. A Loan Originator

Some Lenders We Have Worked With and Had Positive Experience with Are:

• Carlos Cedeno at Trustco Bank - 407-275-3075 - ccedeno@branch.trustcobank.com
• Giselle Gonzalez at Fairwinds Credit Union - 407-848-8276 - ggonzalez@fairwinds.org
• Ron Abate at Columbus Capital Lending - 407-580-1444 - ronald.abate@gmail.com
  
• Drew McElmurry at Amerisave Mortgage - 404-424-0734 - amcelmurray@amerisave.com
• John Broskie at Atlantic Bay Mortgage Group - 407-493-3868- johnbroskie@atlanticbay.com
• Patrick Lewis at Premier Nationwide Lending - 407-492-1010 - plewis@pnlending.com
• Melissa McClinchey at ACM Home Loans - (Vacation Homes) 407-973-8492 - melissam@acmhomeloans.com

Next Steps:
Once you have been pre-qualified for your mortgage you can then shop for your home with more confidence.  The loan officer you decide to go with will provide you with a pre-qualification letter that you will submit with your offer.  Once you negotiate and settle on a price with a seller, you will send the executed contract to your loan officer who will then open a file to start the process of getting you into your new home!

Documents Your Lender May Request Once You Are Under Contract:

• Proof of income like pay stubs, W2s, and tax returns
• Veteran or current military status, if any
• List of assets like bank statements, IRAs, stocks, bonds, retirement, and other asset statements
• Student loan information, if any
• Landlord information for past 12 months (three years if they’re first-time homebuyers)
• Final divorce decree, if any
• Copy of driver’s license, passport, or other photo ID
• Complete bankruptcy paperwork if discharged during the past seven years