This is the very first step before your realtor takes you out on your home search. You need to know how much you are qualified to purchase. In this process the Lender will look at your income to include the 30-day paystubs and the last two years complete tax returns to include W2’s. The Lender will also obtain mortgage credit report. Credit Karma, Score Sense or some of the other online credit services are not viable for these scoring-system do not give the correct score necessary for mortgage qualifying. You will have to have a mortgage Fannie Mae Report. This report can be utilized for up to 120 days. Be prepared to pay $23.95 for a single report or for a couple the cost is approximately $45.00.
Please be prepared to present to GLOBAL MORTGAGE STRATEGIES INC on-line or in person as applicable the following:
- Last two years tax returns
- Divorce Decree
- Retirement statement
- Alimony Verification
- Employer Information
- Gift Letter
- Last 30 days paystubs
- Copy of SS Card
- VA DD214
- Copy of SS Award Letter
- Email address
- Gifter Bank Statement
- Last 3 months banks statements (all pages)
- Copy of Driver License
- Child Support Documentation
- Retirement/Annuity Award Letter
- Bankruptcy discharge
- Chapter 13 BK Trustee Approval
- Pre-Approval Letter
After the Global Mortgage Strategies Inc. has analyzed your income, employment and your over-all debt upon approval you will be issued a pre-approval letter to present to your agent so that when you find your home the selling agent and the seller will know that you can purchase their home. It will assist with the negotiation process.
- I have found the home I want now what?
At this point your Realtor has negotiate a good price and terms on your behalf and the offer to purchase has been accepted by your and the seller.
- Your order an inspection at your Expense to determine the functionality of the home. You want to ensure the HVAC, Plumbing, Roof and all mechanicals are operable. Most contracts allow you 7-15 days to complete this process.
- Diligence period is given to purchaser to ensure your commitment to the purchase at this time before the due diligence period is over your can cancel your contract. The neighborhood may not be what you expected etc.
- Inspection is complete and the home is clear you will continue on. If there are inspection concerns your Realtor will address those concerns with the selling agent and their seller. Possibility of renegotiation or the seller may sell the property in an as is state.
- Submit your contract to Global Mortgage Strategies Inc.
- Global Mortgage Strategies Inc. will complete the mortgage loan application process
- You will sign disclosing documents to state your intent to proceed with the loan.
- Your lender will order an appraisal at your expense which is the estimated opinion value of the home.
- VA ($400) FHA ($500-575) Conventional FNMA/FREDDIE MAC (($500-$575)
- RUSH APPRAISAL additional $100-$150.00
- Global Mortgage Strategies Inc orders title work on the property to certify ownership and free of liens, judgements etc.
- The loan file is packaged up by Global Mortgage Strategies Inc processing department and is submitted to the Underwriting department for full approval.
- The file is approved by underwriting but there is always a chance the underwriter can ask for additional information for a final approval.
- You present your homeowner insurance to Global Mortgage Strategies Inc for the new home equal to the loan amount.
- You submit all the additional required documents.
- You receive the FINAL APPROVAL (Clear to Close or CTC)
- Most closing or signing will take place at the office of the designate closing attorney specified on your purchase contract.
- A scheduled time is coordinated by the Closing department of the Lender, the Attorney and the Realtors to ensure a convenient time for all parties involved.
- All funds required from the purchase are to be WIRED from your bank account to the bank account of the closing attorney.
- At the CLOSING (SIGNING) once your funds have been verified as received you may then receive your KEYS!