[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|desktop” _builder_version=”4.18.0″ _module_preset=”default” background_enable_color=”off” background_image=”https:\/\/ggmortgage.com\/wp-content\/uploads\/2022\/09\/pexels-antoni-shkraba-7144256-scaled.jpg” parallax=”on” custom_padding=”50px||50px||true|false” custom_padding_tablet=”50px||50px||true|false” custom_padding_phone=”50px||50px||true|false” hover_enabled=”0″ custom_css_after=”content:”;||position: absolute;||top: 0;||right: 0;||bottom: 0;||left: 0;||z-index: 1;” da_disable_devices=”off|off|off” global_colors_info=”{}” locked=”off” title_text=”pexels-antoni-shkraba-7144256″ sticky_enabled=”0″ parallax_method=”off” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” header_font=”Nunito|700|||||||” header_text_color=”#FFFFFF” header_font_size=”60px” header_line_height=”1.1em” custom_margin=”||-1px||false|false” custom_padding=”||||false|false” hover_enabled=”0″ header_font_size_tablet=”45px” header_font_size_phone=”42px” header_font_size_last_edited=”on|phone” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|desktop” _builder_version=”4.18.0″ _module_preset=”default” custom_margin=”||||false|false” custom_padding=”20px||0px||false|false” custom_padding_tablet=”20px||0px||false|false” custom_padding_phone=”20px||0px||false|false” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row disabled_on=”on|on|off” _builder_version=”4.18.0″ _module_preset=”default” custom_margin=”20px||||false|false” custom_padding=”2px|||||” locked=”off” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_tabs active_tab_background_color=”#e2b90f” inactive_tab_background_color=”#2a2a6a” active_tab_text_color=”#FFFFFF” module_id=”steps” _builder_version=”4.18.0″ _module_preset=”default” tab_text_color=”#FFFFFF” body_font=”Poppins||||||||” body_text_color=”#000000″ tab_font=”Poppins||||||||” tab_font_size=”20px” tab_line_height=”2.5em” custom_css_tab=”width: 100%” global_colors_info=”{}”][et_pb_tab title=”Step 1: Find Out How Much You Can Borrow” _builder_version=”4.18.0″ _module_preset=”default” body_link_font=”Poppins||||||||” body_link_font_size=”25px” global_colors_info=”{}”]<\/p>\n
The first step in obtaining a loan is to determine how much money you can borrow. In case of buying a home, you should determine how much home you can afford even before you begin looking. By answering a few simple questions, we will calculate your buying power, based on standard lender guidelines.<\/p>\n
Click here to Pre-Qualify.<\/a><\/p>\n You may also elect to get pre-approved for a loan which requires verification of your income, credit, assets and liabilities. It is recommended that you get pre-approved before you start looking for your new house so you:<\/p>\n – Look for properties within your range. More on Pre-Qualification<\/strong> LTV and Debt-to-Income Ratios<\/strong> FICO\u2122 Credit Score<\/strong> Self Employed Borrowers<\/strong> Source of Down Payment<\/strong> <\/p>\n [\/et_pb_tab][et_pb_tab title=”Step 2: Select The Right Loan Program” _builder_version=”4.18.0″ _module_preset=”default” body_link_font=”Poppins||||||||” body_link_font_size=”25px” global_colors_info=”{}”]<\/p>\n View Our Loan Programs<\/a><\/p>\n [\/et_pb_tab][et_pb_tab title=”Step 3: Apply for a loan” _builder_version=”4.18.0″ _module_preset=”default” body_link_font=”Poppins||||||||” body_link_font_size=”25px” global_colors_info=”{}”]<\/p>\n Click to Apply for a loan.<\/a><\/p>\n [\/et_pb_tab][et_pb_tab title=”Step 4: Begin Loan Processing” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n Although lenders conform to standards set by government agencies, loan approval guidelines vary depending on the terms of each loan. In general, approval is based on two factors: your ability and willingness to repay the loan and the value of the property.<\/p>\n Once your loan application has been received we will start the loan approval process immediately. Your loan processor will verify all of the information you have given. If any discrepancies are found, either the processor or your loan officer will troubleshoot to straighten them out. This information includes:<\/p>\n Income\/Employment Check<\/strong> Credit Check<\/strong> Asset Evaluation<\/strong> Property Appraisal<\/strong> Other Documentation<\/strong> In order to improve your chances of getting a loan approval:<\/strong><\/p>\n – Fill out your loan application completely. You may use our online forms to expedite the process. [\/et_pb_tab][et_pb_tab title=”Step 5: Close Your Loan” _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n After your loan is approved, you are ready to sign the final loan documents. You must review the documents prior to signing and make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate. The signing normally takes place in front of a notary public.<\/p>\n There are also several fees associated with obtaining a mortgage and transferring property ownership which you will be expected to pay at closing. Bring a cashiers check for the down payment and closing costs if required. Personal checks are normally not accepted. You also will need to show your homeowner’s insurance policy, and any other requirements such as flood insurance, plus proof of payment.<\/p>\n Your loan will normally close shortly after you have signed the loan documents. On owner occupied refinance loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.<\/p>\n [\/et_pb_tab][\/et_pb_tabs][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ disabled_on=”off|off|on” _builder_version=”4.18.0″ _module_preset=”default” locked=”off” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_toggle title=”Step 1: Find Out How Much You Can Borrow” open_toggle_text_color=”#FFFFFF” open_toggle_background_color=”RGBA(255,255,255,0)” closed_toggle_text_color=”#FFFFFF” closed_toggle_background_color=”RGBA(255,255,255,0)” icon_color=”#FFFFFF” toggle_icon=”||fa||900″ open_icon_color=”#FFFFFF” open_toggle_icon=”||fa||900″ _builder_version=”4.18.0″ _module_preset=”default” title_text_color=”#FFFFFF” title_font=”|700|||||||” title_font_size=”18px” closed_title_font=”|700|||||||” closed_title_font_size=”18px” body_text_color=”#000000″ custom_css_toggle_title=”background-color: #2A2A6A” border_width_all=”0px” global_colors_info=”{}”]<\/p>\n The first step in obtaining a loan is to determine how much money you can borrow. In case of buying a home, you should determine how much home you can afford even before you begin looking. By answering a few simple questions, we will calculate your buying power, based on standard lender guidelines.<\/p>\n Click here to Pre-Qualify.<\/a><\/p>\n You may also elect to get pre-approved for a loan which requires verification of your income, credit, assets and liabilities. It is recommended that you get pre-approved before you start looking for your new house so you:<\/p>\n – Look for properties within your range. More on Pre-Qualification<\/strong> LTV and Debt-to-Income Ratios<\/strong> FICO\u2122 Credit Score<\/strong> Self Employed Borrowers<\/strong> Source of Down Payment<\/strong> <\/p>\n [\/et_pb_toggle][et_pb_toggle title=”Step 2: Select The Right Loan Program” open_toggle_text_color=”#FFFFFF” open_toggle_background_color=”RGBA(255,255,255,0)” closed_toggle_text_color=”#FFFFFF” closed_toggle_background_color=”RGBA(255,255,255,0)” icon_color=”#FFFFFF” toggle_icon=”||fa||900″ open_icon_color=”#FFFFFF” open_toggle_icon=”||fa||900″ _builder_version=”4.18.0″ _module_preset=”default” title_text_color=”#FFFFFF” title_font=”|700|||||||” title_font_size=”18px” closed_title_font=”|700|||||||” closed_title_font_size=”18px” body_text_color=”#000000″ custom_css_toggle_title=”background-color: #2A2A6A” border_width_all=”0px” global_colors_info=”{}”]<\/p>\n
– Be in a better position when negotiating with the seller (seller knows your loan is already approved).
– Close your loan quicker<\/p>\n
LTV and Debt-to-Income Ratios
FICO\u2122 Credit Score
Self Employed Borrower
Source of down payment<\/p>\n
LTV or Loan-To-Value ratio is the maximum amount of exposure that a lender is willing to accept in financing your purchase. Lenders are usually prepared to lend a higher percentage of the value, even up to 100%, to creditworthy borrowers. Another consideration in approving the maximum amount of loan for a particular borrower is the ratio of monthly debt payments (such as auto and personal loans) to income. Rule of thumb states that your monthly mortgage payments should not exceed 1\/3 of your gross monthly income. Therefore, borrowers with high debt-to-income ratio need to pay a higher down payment in order to qualify for a lower LTV ratio.<\/p>\n
FICO\u2122 Credit Scores are widely used by almost all types of lenders in their credit decision. It is a quantified measure of creditworthiness of an individual, which is derived from mathematical models developed by Fair Isaac and Company in San Rafael, California. FICO\u2122 scores reflect credit risk of the individual in comparison with that of general population. It is based on a number of factors including past payment history, total amount of borrowing, length of credit history, search for new credit, and type of credit established. When you begin shopping around for a new credit card or a loan, every time a lender runs your credit report it adversely effects your credit score. It is, therefore, advisable that you authorize the lender\/broker to run your credit report only after you have chosen to apply for a loan through them.<\/p>\n
Self employed individuals often find that there are greater hurdles to borrowing for them than an employed person. For many conventional lenders the problem with lending to the self employed person is documenting an applicant’s income. Applicants with jobs can provide lenders with pay stubs, and lenders can verify the information through their employer. In the absence of such verifiable employment records, lenders rely on income tax returns, which they typically require for 2 years.<\/p>\n
Lenders expect borrowers to come up with sufficient cash for the down payment and other fees payable by the borrower at the time of funding the loan. Generally, down payment requirements are made with funds the borrowers have saved. If a borrower does not have the required down payment they may receive \u201cgift funds\u201d from an acceptable donor with a signed letter stating that the gifted funds do not have to be paid back.<\/p>\n
Is your income sufficient to cover monthly payments? Industry guidelines are used to evaluate your income and your debts.<\/p>\n
What is your ability to repay debts when due? Your credit report is reviewed to determine the type and terms of previous loans. Any lapses or delays in payment are considered and must be explained.<\/p>\n
Do you have the funds necessary to make the down payment and pay closing costs?<\/p>\n
Is there sufficient value in the property? The property is appraised to determine market value. Location and zoning play a part in the evaluation.<\/p>\n
In some cases, additional documentation might be required before making a final determination regarding your loan approval.<\/p>\n
– Respond promptly to any requests for additional documentation especially if your rate is locked or if your loan is to close by a certain date.
– Do not move money into or from your bank accounts without a paper trail. If you are receiving money from friends, family or other relatives, please prepare a gift letter and contact us.
– Do not make any major purchases until your loan is closed. Purchases cause your debts to increase and might have an adverse affect on your current application.
– Do not go out of town around your loan’s closing date. If you plan to be out of town, you may want to sign a Power of Attorney.<\/p>\n
– Be in a better position when negotiating with the seller (seller knows your loan is already approved).
– Close your loan quicker<\/p>\n
LTV and Debt-to-Income Ratios
FICO\u2122 Credit Score
Self Employed Borrower
Source of down payment<\/p>\n
LTV or Loan-To-Value ratio is the maximum amount of exposure that a lender is willing to accept in financing your purchase. Lenders are usually prepared to lend a higher percentage of the value, even up to 100%, to creditworthy borrowers. Another consideration in approving the maximum amount of loan for a particular borrower is the ratio of monthly debt payments (such as auto and personal loans) to income. Rule of thumb states that your monthly mortgage payments should not exceed 1\/3 of your gross monthly income. Therefore, borrowers with high debt-to-income ratio need to pay a higher down payment in order to qualify for a lower LTV ratio.<\/p>\n
FICO\u2122 Credit Scores are widely used by almost all types of lenders in their credit decision. It is a quantified measure of creditworthiness of an individual, which is derived from mathematical models developed by Fair Isaac and Company in San Rafael, California. FICO\u2122 scores reflect credit risk of the individual in comparison with that of general population. It is based on a number of factors including past payment history, total amount of borrowing, length of credit history, search for new credit, and type of credit established. When you begin shopping around for a new credit card or a loan, every time a lender runs your credit report it adversely effects your credit score. It is, therefore, advisable that you authorize the lender\/broker to run your credit report only after you have chosen to apply for a loan through them.<\/p>\n
Self employed individuals often find that there are greater hurdles to borrowing for them than an employed person. For many conventional lenders the problem with lending to the self employed person is documenting an applicant’s income. Applicants with jobs can provide lenders with pay stubs, and lenders can verify the information through their employer. In the absence of such verifiable employment records, lenders rely on income tax returns, which they typically require for 2 years.<\/p>\n
Lenders expect borrowers to come up with sufficient cash for the down payment and other fees payable by the borrower at the time of funding the loan. Generally, down payment requirements are made with funds the borrowers have saved. If a borrower does not have the required down payment they may receive \u201cgift funds\u201d from an acceptable donor with a signed letter stating that the gifted funds do not have to be paid back.<\/p>\n