Mortgage Pre-qualify

Qualify for a loan for the best Michigan mortgage rates

Pre-Qualify for a mortgage loan
Pre-qualifying is the very first step in finding a home. Pre-qualifying simply means that you have disclosed to the lender your gross income information as well as your current debts and authorization to pull your credit report. The lender can estimate what price range you can afford (See qualify calculator worksheet).

Most lenders require you to have a debt-to-income (DTI) ratio of 28%(total housing expense) / 36% (total monthly debt load), with 20% down payment, and a FICO scores 640 or higher. Today that is no longer true.

The second step is to get a pre-approval for a mortgage (rates) loan. Before looking for a home you should receive in writing a pre-approval letter. There are many ways your lender can help you structure a loan for you before you approach a realtor or seller of a home. Having a pre-approval letter can help you to negotiate a better price, seller to help with costs, or do a seller second (help with down-payment). See Michigan Mortgage Rates

The following required documents you need to start the loan process. See Borrower Form

• Most recent 2 years W2's or tax returns or 24 months bank statements.
• Most recent 1 month of pay stubs.
• Verification of Social Security and/or Pension Benefits
• Rental agreements or leases (Investment properties)
• Most recent bank statements (3 months) Stocks, bonds dividend statements
• Gift letter (purchase only)
• 401K statement
• Most recent 12 months payment history (rent or land contract)
• Purchase agreement
• Homeowners insurance (binder)

See Customer Information form Get qualified today