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Getting pre-qualified for a mortgage is a great first step to kickstart your homebuying journey. Pre-qualification gives you a picture of how much you can afford based on your credit, income, and debt. It helps you determine your budget, understand estimated monthly payments, find the right loan program, strengthen your offer, and save time.

When you apply for a home loan, several documents are requested so lenders can confirm your ability to make monthly mortgage payments. Here is an overview of items you will need to submit to your lender:
•    Income history and employment verification from the past two years such as tax returns, W-2s, and 1099s (if applicable) 
•    Asset statements for bank, retirement, and brokerage accounts 
•    Monthly debt payments including any outstanding loans and credit cards 
•    Records of rent payments, divorce, bankruptcy, or foreclosure

There is no one-loan-fits-all. Supreme Lending offers a wide range of mortgage programs to choose from depending on what may be the most beneficial for your circumstances. Your Loan Officer can present different scenarios to see what best aligns with your goals. Whether you want a fixed-rate or adjustable-rate mortgage, Conventional loan or government-backed loan such as FHA, VA, or USDA.

When your offer for a home is accepted, here’s what to expect during the loan approval process. 
1.    Full Loan Application. You must complete the official loan application by providing any remaining documents and accepting the mortgage terms and locked rate.
2.    Home Valuation and Title Insurance. An appraisal is ordered by your lender to determine the home’s fair market value. 
3.    Underwriting. Your loan file is sent to Underwriting to review and approve. Conditions for additional items may be requested if needed. 
4.    Clear to Close. When your loan clears, it means your documents are ready to be prepared for the final closing but funds have not been transferred yet. 
5.    Closing. On closing day, sign your documents with the title company to transfer the funds and ownership, get the keys, and celebrate your new home.

A monthly mortgage payment includes several components often referred to as PITI: principal, interest, taxes, and insurance. Any condo fees or Homeowners Association fees may also be a factor.

Closing costs are paid upfront for necessary expenses associated to purchasing a home. When
applying for a loan, you’ll receive a Loan Estimate outlining these settlement charges for added fees including loan origination, appraisal, credit report, title insurance, document preparation, prepaid interest, and other miscellaneous fees.