Where to start:
1. Contact a trusted/reputable Lender. The Lender will validate income, assets and credit status, which requires collection of the following documentation:
a. Most current 30 day pay stubs.
b. Complete copies of your most current 2 bank statements. Pay stubs & bank statements will be reviewed for any unusual deductions and/or large deposits. (i.e. Alimony, Child Support or garnishments)
c. Prior 2 years of W2 forms.
d. Complete copies of your most recent two-year Federal Tax Returns (if self-employed)
e. Copy of Photo ID.
BUYER BEWARE: NOT ALL LENDERS PROVIDE A FULL PRE-APPROVAL!
2. Assets may include the following:
a. Bank Accounts (savings, checking, retirement/brokerage accounts)
b. Proceeds from the sale of a current home.
c. Gifted funds from a relative or spouse
3. The Lender will review the credit report for accuracy and credit score. If your credit score needs to be increased or if you have no credit score due to bankruptcy, foreclosure, delinquencies or unpaid collections/judgments, Summit Home
Mortgage offers two different options to get you on the right track:
a. Credit Boost - allows for a quicker score increase.
b. Credit Boot Camp - depending on your situation may take more time.
EITHER PROGRAM IS FREE OF CHARGE WITH SUMMIT HOME MORTGAGE, LLC.
4. Good or excellent credit:
a. The Lender will let you know how much you are approved to purchase and, after reviewing your credit and documentation, issue a Pre-Approval Letter so you can start shopping for a home!
a. Conventional
b. FHA
c. VA
d. USDA (Rural Development)
e. Fixed vs. Adjustable Rate
f. Down Payment Assistance Programs
5. Research Loan Options (Lender will discuss options closely tailored to your specific needs):
NOT ALL LENDERS OFFER ALL OF THE ABOVE PROGRAMS – SUMMIT HOME MORTGAGE, LLC DOES.
6. Debts may include the following:
a. Current mortgage (if applicable)
b. Installment loans (auto loans or personal loans)
c. Credit Cards
d. Alimony
e. Child Support
7. Summit Home Mortgage LLC will take the extra step by Pre-Underwriting the file (all income/asset and credit documentation is validated), so you can be confident that, when the Pre-Approval Letter is issued, we have done our due diligence to ensure it is valid.
8. Once Pre-Approval is issued you find a home and make the offer!
What NOT to do:
9. Open new credit
a. Car, furniture, vacation, boat, etc.
b. Close existing credit card account
c. Switch jobs
a. Once offer is accepted, contact your Insurance Agent for coverage on the new home. Please provide your Lender with the Agent’s name and contact information.
ONCE THE APPRAISAL IS RECEIVED AND THE FILE IS APPROVED – YOU CAN MOVE TO THE CLOSING PHASE!
10. Costs associated with closing on the mortgage:
a. Admin Fee - only fee Summit has
b. Loan Origination fee (Summit Home Mortgage does NOT charge this)
c. Appraisal fee (this is usually collected at application)
d. Credit Report Fee (Summit Home Mortgage does not charge this)
e. Title Insurance Fee and Settlement Fee - to the title company
g. Prepaid items (interest from date of closing to end of month and escrow account set up – if applicable)
h. Recording Fees
“I already have a Lender”
A: YES
A: NO
In what capacity? Installment Loan? Deposits? If that is the case, why would you use a “General Practitioner,” instead of a Specialist? Summit Home Mortgage does Home Mortgage Loans…only Home Mortgage Loans – we are the Specialist!
Summit Home Mortgage offers a 2nd Look Program at no cost to your buyer. We pull credit and collect income/asset documentation which allows us to make a solid decision and offer the best rate and program for your buyer. If within 30 days, no “new” pull against score.
For the best experience, please suggest Summit Home Mortgage as they are available when you are (at your buyer’s convenience).
“I’m working with another Mortgage Specialist in town”
Summit would be happy to review the documentation they provided to see if we can better the rate or costs. 2nd Look Program offers a $25.00 Amazon gift card just for letting us look.
“I’m working with Rocket Mortgage or another online lender”
National & online lenders do not hold the weight of a local expert. They do not provide the credibility that your offer needs in this local market.