Ideally, before you ever even start to look at homes, understanding your options for obtaining a loan are critical.
This starts with the loan approval process. When you go out to shop for a home, the seller will want to know that you are qualified for the loan ahead of time. So where do you start? The Family Mortgage Team @ LeaderOne Financial has a methodical process that insures that you will be educated and comfortable. First we get an application from you. This can be done online or over the phone. This requires your personal information such as employment and income history, money you have saved up and what you owe to various creditors.
Once we receive this information, we will pull your credit and upload your electronic file to one of the government agencies Fannie Mae, Freddie Mac, FHA or VA for an automated approval. We treat this as a pre-qualification instead of an approval. This is a preliminary assessment of everything that was submitted electronically on your loan application, along with your credit. At this point we like to take it a step further than most of our competitors.
We offer a Certified Homebuyer designation. By taking the extra step of submitting all of your income and bank asset information, we can validate, up front, that your file is a “rock solid” approval. The worst thing that can happen is that someone tells you that you are approved, you find your dream house, go through the whole loan process only to find out there is a problem near the end. The loan officer didn’t ask good enough questions upfront and found out that you were paid as a contract employee and paid 1099 income and therefore you are technically self employed. Because you don’t have a 2 year history, you are not eligible for the loan. Getting Certified, insures that you won’t find yourself in this awkward situation assuming that none of your information changes.