Pre-Approval
Loan Options
Applying for Your Loan
Submitting Paperwork
Finding Your Home
Home Appraisal
Breaking down the mortgage process.
Our Mortgage Consultants are here to help you navigate the homebuying journey before you even start.
What is your #1 piece of advice for first-time homebuyers?
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Don’t get emotionally attached to a particular home. If the deal is right and gets accepted, then great! But if it financially isn’t the right move for you or your offers don’t get accepted that is perfectly okay. Do not get discouraged, just keep looking. You’ll always be able to find a new home that you like, and then once the offer gets accepted you can fall in love with it.
Justin Harvey
Branch Manager | NMLS# 2065345 -
Get pre-approved! Determine a realistic budget. Consider not only the potential monthly mortgage payment but also your existing monthly expenses. What will be needed for a down payment and closing costs? Knowing all of this before your home search will strengthen your position as a serious buyer!
Debbie Vallejo
Mortgage Consultant | NMLS# 1810490 -
Keep working on your credit! It’s important to pay your bills on time and minimize the amount of inquiries and new credit lines. The better your credit score, the more buying power you have.
Larry Nutt
Branch Manager | NMLS# 1228056 -
Don't let high interest rates scare you off from finding your dream home within your budget. Remember, you're always making a mortgage payment, so why not invest in yourself instead of paying rent to a landlord?
Rick Baldwin
Branch Manager | NMLS# 379683 -
Make sure you don't overspend on a home. I would recommend creating a budget before purchasing a home and using the advice of your loan officer and realtor on the amount you can afford.
Dan Phillips
Branch Manager | NMLS# 6518
Securing Home Insurance
Getting Mortgage Insurance
Loan Processing
Underwriting
Closing/Funding Your Loan
Congratulations!
Don’t let your questions keep you from starting your journey home.
The mortgage process can be overwhelming and intimidating. Understanding what’s ahead of you can make things easier.
The simple answer: Before you start looking at houses. Taking the step of getting pre-approved early in the process sets you up for success later. This step is your opportunity to learn more about your homebuying options and power. Once you’re pre-approved, you can look at houses with confidence knowing you can afford the payment on a home. As a bonus, being pre-approved means you can move fast once you do find the home you want to purchase.
The documents you need for your mortgage application will vary depending on the loan program you are applying for and your unique situation. However, you’ll need, at the very least, these documents:
- Driver’s License or State Issued Photo ID
- Last Two Years of Tax Returns and W2s or 1099s
- Pay Stubs from the Most Recent 30-Day Pay Period
- Two Consecutive Months of Bank Statements
- Your Most Recent 401(k) Statement, if Applicable
Your down payment is determined by several factors like your purchase price, your loan program, and your goals.
A higher down payment certainly has it’s advantages like eliminated PMI and reducing your overall monthly payments, BUT it isn’t necessarily a requirement. You may qualify for up to 100% financing or a loan program that offers down payments as low as 3%.
Debt-to-income ratio or DTI is something mortgage lenders use to help determine how much more debt you can take on. Your DTI is a comparison of the amount of current debt you have to your income.
Your current DTI will help determine what loan programs you qualify for and has an impact on your credit score.
Your credit score plays a big role in the mortgage program you qualify for and impacts your mortgage interest rate.
Each program has different qualifications when it comes to credit scores. Working with a Mortgage Consultant is the best way to determine the credit score you need for your future mortgage.
At GVC Mortgage, we average clear-to-close in 20 days or less and depending on the loan program, we can help you close in two weeks or less.
The mortgage process can be unpredictable at times but our Mortgage Consultants do everything they can to help mitigate the stress and keep you informed of every step.