Borrower Resources

Borrower Resources

Borrower Portal
Connect with a Loan Officer

Starting your journey to homeownership can feel overwhelming but breaking it into simple steps makes the process much easier. The first step is finding a trusted loan officer who can guide you through the entire process. From there, you’ll work on getting pre-qualified to understand your borrowing power and what homes you can afford. Next, you’ll gather the necessary financial documents, such as income statements, credit information, and bank records, to ensure a smooth application process. Once you’re pre-approved, you can start shopping for your dream home with confidence, knowing your financing is in place. Let’s walk through each step in detail so you can navigate the mortgage process with clarity and ease.

Your Roadmap to Understanding and Achieving Home Financing

Connect with a Trusted Loan Partner

Connecting with a reputable loan officer or lender who specializes in mortgage financing is crucial in your home financing journey.

Get Pre-Qualified

Everyone’s schedule is different, and sometimes finding time for a phone call isn’t convenient. That’s why we offer the flexibility to get pre-qualified online through a secure online application. Whether you prefer speaking with a loan officer over the phone or completing the process on their personalized apply now link, we’re here to make it easy and accessible for you. With just a few minutes of your time, you can start your homeownership journey on the path that works best for you.

Gathering Financial Documents

Once you've started the pre-qualification process, it is a good idea to start collecting inventory on some financial documents you may need to verify income, assets, and overall financial health. Every loan journey is different, and your loan officer will make sure to let you know what exact documentation you will need. Some of these items can include pay stubs, W-2 Forms, tax returns, bank statements, credit information, or other items depending on your financing needs. For a full list of documents that could be requested check out our FAQ section below.

Start Your Home Search

Once you have spoken with your lender and completed your Pre-Qualification Application, the lender will determine if you are able to be pre-Approved. Once you have this pre-approval, the fun begins! You are able to start searching for your new home. Being pre-approved will not only give you the confidence and credibility as a buying but with financing in place sellers are also more likely to take your offers seriously, which can give you an edge in a competitive market.

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FAQ'S

Most frequently asked questions by some of our borrowers and investors.

What is the difference between a Pre-Qualification and a Pre-Approval?

Pre-qualification is an initial estimate of how much you can afford based on basic financial information, while pre-approval is a more detailed process where the lender verifies your finances and issues an official loan approval letter. In order to make an offer on a property for purchase, you will need to have a pre-approval letter. 

1. Full Legal Name

2. Date of Birth

3. Current Residence and Mailing Address

4. Your Social Security Number

5. Do you currently own or rent?

6. Are you an active member of the military or retired military?

7. What is your marital status?

8. What is your annual household income?

9. What would you like your monthly payment to stay around (this has nothing to do with what you could qualify for. This just helps your loan officer understand your financial comfort zone- see below for more details)?

10. How are you currently paid? Are you a W-2 employee, are you self-employed, do you receive social security or any kind of benefits?

11. Have you filed for bankruptcy or foreclosure in the past?

12. Do we have consent to run your Credit Report?

When you start the mortgage process, your loan officer might ask you what you’d like your monthly mortgage payment to be. It’s important to understand that this question isn’t about your eligibility for a loan—it’s about understanding your financial comfort zone.

Your loan officer already determines your loan eligibility based on factors like your income, credit score, debt-to-income ratio, and the loan program you qualify for. Asking about your preferred payment simply helps them guide you toward a loan structure and price range that fits your budget and lifestyle.

For example:

  • If you’d prefer a lower monthly payment, your loan officer might suggest a longer loan term, such as a 30-year mortgage.
  • If you’re comfortable with a slightly higher monthly payment to pay off your loan faster and save on interest, they might recommend a 15-year loan instead.

Ultimately, this conversation helps your loan officer ensure you’re not only approved for a loan but also comfortable with the financial commitment of homeownership. By discussing your preferences early on, they can tailor the process to your needs and help you make informed decisions.

1. Income Verification: Recent Pay Stubs, W-2 Forms (last two years in most cases), Tax Returns (last two years in most cases- personal and federal), 1099 Forms (self-employed borrowers), and profit and loss statements (self-employed borrowers).

2. Asset Verification: Bank Statements (usually last 2-3 mos.), Investment Account Statements (brokerage, retirement, or other asset accounts), and Gift Letter (only applicable if you are receiving financial help with your down payment).

3. Credit and Debt Information: Current debt statements and explanation of credit inquiries (your loan officer might ask for explanations for anything that shows multiple credit checks recently).

4. Proof of Identity and Residency: Government Issued ID (Drivers License or Passport), Social Security Number, and Green Card/Visa (if applicable).

5. Property Related Documents: Purchase Agreement (contract between you and the seller at the time you go under contract). Other documents you will need after you are under contract will be items such as homeowner’s insurance and property tax information (if applicable).

6. Situational Documents: Divorce Decree, child support/alimony documentation, bankruptcy/foreclosure records, relocation letter (moving or relocating for work/military), or rental income documentation (if you own rental properties).

After you’ve closed on your mortgage you might be wondering if the only way to make your payments is in a single lump sum on the 1st of every month, turns out…. that is not your only option. Here are the two options that you normally would have and how each one can impact your financial journey. 

1. Monthly Mortgage Payments: This is by far the most common way people pay their mortgage. You make one payment every month, on the same date, for the same amount. It’s predictable and makes budgeting simple—no surprises.

But here’s something to consider; sticking with monthly payments for the life of your loan might cost you thousands of dollars in extra interest. While it’s the most straightforward option, it’s worth exploring alternatives that could save you money in the long run.

2. Biweekly Mortgage Payments: Many loan servicers offer the option to make biweekly mortgage payments. Here’s how it works: instead of paying one large amount each month, you split your payment in half and pay every two weeks. Since there are 52 weeks in a year, this means you’ll make 26 half-payments, which equals 13 full payments annually—one extra payment per year!

This simple adjustment can help you pay down your principal faster, shorten the length of your loan, and save a significant amount on interest over time. In order to make sure you set up your bi-weekly mortgage payments correctly you will want to check with your servicer as some servicers require full first payment before setting up bi-monthly payments. You’ll also want to be aware of fee’s that might incur for bi-monthly payments, although normally nominal. 

If you’re new to the world of home financing, the variety of loan options and programs might feel overwhelming at first. Simply put, a loan program refers to the specific type of mortgage that best fits your financial situation and goals. Different loan programs are designed to meet different needs, such as buying your first home, financing with a smaller down payment, or purchasing a property in a rural area.

Each loan program has unique features, benefits, and requirements, so it’s essential to understand your options before deciding which one is right for you. Here’s a breakdown of the most common loan types to help you get started:

1. Conventional Loans: Conventional loans are one of the most popular options for homebuyers and are not backed by the government. These loans typically offer competitive rates and are a great choice if you have a solid credit history and a stable income.

  • Best For: Borrowers with strong credit and a down payment of at least 3%-20%.
  • Key Features:
    • Requires private mortgage insurance (PMI) if your down payment is less than 20%.
    • Flexible loan terms, usually 15 or 30 years.
    • Typically has higher credit score requirements than government-backed loans.
2. FHA Loans: FHA (Federal Housing Administration) loans are designed to make homeownership more accessible, especially for first-time buyers or those with lower credit scores.
  • Best For: First-time buyers or those with limited savings or lower credit scores.
  • Key Features:
    • Down payments as low as 3.5%.
    • Allows lower credit scores (often as low as 580, or 500 with a higher down payment).
    • Requires mortgage insurance premiums (MIP) for the life of the loan if the down payment is under 10%.
3. VA (Veteran Loans):  VA loans are offered to eligible veterans, active-duty military members, and certain members of the National Guard and Reserves. They’re backed by the U.S. Department of Veterans Affairs and offer excellent terms.
 
  • Best For: Veterans, active-duty service members, or their eligible family members.
  • Key Features:
  • No down payment required.
  • No private mortgage insurance (PMI).
  • Competitive interest rates and relaxed credit requirements
4. USDA Loans: USDA loans are designed for buyers purchasing a home in eligible rural or suburban areas. They’re backed by the U.S. Department of Agriculture and are an excellent option for low-to-moderate-income borrowers.
 
  • Best For: Buyers looking to purchase in rural or suburban areas with limited savings.
  • Key Features:
    • No down payment required.
    • Must meet income and property location eligibility requirements.
    • Typically lower mortgage insurance costs than FHA loans.
5. Jumbo Loans: Jumbo loans are used for properties that exceed the loan limits set by the Federal Housing Finance Agency (FHFA). These are common in high-cost areas where home prices are higher than the conforming loan limits.
 
  • Best For: Buyers purchasing high-value homes that exceed standard loan limits.
  • Key Features:
  • Higher credit score and income requirements.
  • Larger down payments, often 10%-20% or more.
  • Higher interest rates than conforming loans
By working with a preferred loan officer, you are already a giant step in the right direction in selecting what loan program works best for you. Their entire job is to help guide you through your options and help you select what works best with your credit, your down payment, income, location, military status, and property type/price. Your loan officer will be your biggest resource when determining what program is right for you.

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