When the market is hot and multiple buyers are competing for the best homes, you need to do more than offer the highest price. You also have to offer a solid assurance that you either have the cash or the ability to close on a mortgage loan for the price you’ve offered.<\/p>\n
Pre-qualification isn’t good enough, and really never was. The next step is pre-approval, and today, that isn’t good enough either.<\/p>\n
To give that home seller the assurance he or she wants, choose a lender who will pre-underwrite your home loan.<\/p>\n
What’s the difference?<\/strong><\/p>\n When a lender gives you a pre-approval it means that he or she has taken a look at your credit scores, your employment, and your income and expenses. However, in many cases they haven’t taken the last step. They’ve failed to look at your tax returns.<\/p>\n Tax returns are no longer merely for proof of your W-2 income.<\/p>\n Under the new Freddie and Fannie guidelines, the lender must deduct rental losses, schedule C losses, and form 2106 deductions (employee business expense) from your qualifying income. Never mind that many of those losses might be entirely due to one-time events such as furnishing your home office or putting new roofing on your apartment building.<\/p>\n Thus, a borrower who looks well-qualified at first glance may be absolutely un-qualified based on his or her income tax deductions. In order to give that assurance, we require all W-2 borrowers to supply us with the following:<\/p>\n – Last 2 years W-2 & Last 2 years tax returns, all pages. So before you go shopping, get in touch. Call us today at 1-800-223-7409 or apply on line at http:\/\/www.mikeclover.com. We’ll be happy to get you pre-approved and ready to find your new home.<\/p>\n Mike Clover <\/strong><\/p>\n Mortgage Banker<\/p>\n Homewood Mortgage, LLC<\/p>\n Toll FREE: 1-800-223-7409<\/p>\n O: 469-438-5587<\/p>\n F: 972-767-4370<\/p>\n NMLS# 234770<\/p>\n 18170 Dallas Pkwy<\/p>\n Ste.304<\/p>\n Dallas, TX 75287<\/p>\n Web: www.mikeclover.com<\/a><\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" When the market is hot and multiple buyers are competing for the best homes, you need to do more than offer the highest price. You also have to offer a solid assurance that you either have the cash or the … Continue reading
\nThat’s why the Mike Clover group has every loan application pre-underwritten before we issue a letter of pre-approval. We want to be sure that when we say a buyer is approved, they are truly approved.<\/p>\n
\n– Paycheck stubs for the last 30 days
\n– Bank Statements for the last 2 months on all accounts
\n– Current Statements on Investment Accounts, 401k, etc. if needed
\n– Landlord Information (Name, Address, & Numbers for last 2 years)
\n– Employment Information (Name, Address, & Numbers for last 2 years)
\n– Copy of Driver’s License
\n(Self-employed borrowers and those seeking a refinance must submit additional documents.)<\/p>\n