| |
Use the following links to search this page:
Resources for First Time Buyers
What do you qualify for?
What types of loans are available?
Pre-approval vs.
Pre-qualification
No credit, bad credit and good
credit
Resources for First Time Buyers
The resources available to first time buyers are
numerous. On our website alone, you will find
video, audio and print resources all available.
Visit our online learning center
for access to all of these resources. Best of
all, they are all provided FREE of charge to you.
-top of page-
-apply online-
What do you qualify for?
The single most asked question by most First Time
Buyers is "How much do I qualify for?". The
answer to the question can vary significantly based
on the loan product you select as well as your
personal financial situation. You can
apply online to start the
mortgage process and receive a FREE mortgage
pre-approval.
As professional Mortgage Planners, we do just that.
We help you plan a mortgage that is right for your
personal financial situation. Rather than just
shoot off numbers and payments, we work closely with
you to understand your personal financial situation
and then help you tailor a mortgage that will work
best for you. Most importantly, we take the
time to make sure you understand the terms and
conditions you are committing to. We will
answer all of your questions honestly and straight
forward. Don't just take our word for it.
Visit our client
testimonial section to read what others have
said about us.
-top of page-
-apply online-
What types of loans are available?
The truth is there are hundreds of loan options
available. However, not every option is a good
option. Some options can put you and your home
at risk if you don't understand them. This is
where it is very important that you understand the
terms of your mortgage before you get to closing.
With First Place Bank and The Dan Moralez Mortgage
Team, we will take the time to make sure you are
educated about all of your loan options available.
Additionally, we will review multiple loan options
side by side and examine the pro's and con's of each
option in detail. This will insure that you
have the mortgage option that is best for you.
Click here for a
description of common loan programs.
-top of page-
-apply online-
Pre-approval vs. Pre-qualification
Did you realize that pre-approval and
pre-qualification are not the same thing. A
pre-approval is an actual commitment by the bank to
make you a mortgage subject to some conditions
(generally an appraisal and title work). A
pre-qualification is an opinion on whether or not we
think we can make you a mortgage.The process for
a pre-approval is generally a little more involved.
Generally speaking, in order to determine whether or
not you qualify for a mortgage, it is necessary for
us to verify employment, credit history and assets.
Once we have obtained your
mortgage application and your supporting
documentation we are able to offer you a formal
pre-approval. We can generally issue a
preliminary pre-approval within 24 hours of
receiving your application. Your formal
pre-approval will be subject to the receipt of your
supporting documentation.
The process of pre-qualification is relatively
easy. Because pre-qualification is NOT a
commitment to make you a loan, there is little if
any documentation we require.
Pre-qualification is just our opinion on whether or
not we think we can make a mortgage to you.
Because most home sellers will want a pre-approval,
a pre-qualification is essentially useless.
Additionally, with a pre-qualification there is no
guarantee you will get a mortgage. Imagine the
disappointment potential homebuyers feel when they
purchase a home only to find out they don't qualify
for a mortgage. You can avoid these pitfalls
by obtaining a mortgage
pre-approval FREE of charge.
-top of page-
-apply online-
No Credit, Bad Credit and Good Credit
Probably one of the biggest factors in determining
whether or not someone qualifies for a mortgage is
their credit history. A clients credit score
can play an important role in determining what type
of mortgage you will qualify for.
The truth is clients with excellent credit will
usually easily qualify for a mortgage and often
times will get more favorable terms.
Additionally, the number of product options
available to them will be greater as there are
numerous programs available for borrowers with
excellent credit. Generally speaking,
borrowers who have credit scores of 680 or better
are considered to have excellent credit.
Good credit is generally defined as a borrower with
a credit score between 650 and 680. In most
case you will still qualify for most mortgage
options that are available and will generally not be
subjected to a higher interest rate. However,
it is important to remember that individual
situations can vary.
Clients with credit scores of 620 to 650 are
generally considered to have slightly below average
credit. In most cases you will still qualify
for a mortgage. However, the options and terms
that will be available to you may not be as
favorable as those available to borrowers with good
to excellent credit.
Borrowers with credit scores of 620 or lower will
generally have a harder time being approved for a
mortgage. However, this does not mean you
won't be approved for a mortgage. It just
simply means that we may need to document your file
a little more to add support as to why your loan
should be approved. We will work closely with
you so we can maximize our chances for approval.
Clients who have no established credit are still
eligible for a mortgage. However, in most
cases, these loans will require that we document an
established savings history as well as a history of
some other payment you may have made for a period of
time (rent, cell phone, car insurance and/or
utilities). If we can verify these alternative
sources of credit, we are normally still able to get
an approval for you at favorable terms.
When you apply for a FREE
pre-approval, we will review your credit report with
you to help you understand the options that are
available to you.
-top of page-
-apply online-
|
|
