We look for the 4 C’s; **The capacity to pay back the loan, Capital, Collateral, and Credit. Capacity to pay back the loan would be based on the review of your income, employment History, savings and monthly debt payment and other financial obligations such as child Support or alimony. **Capital if you are putting a down payment the lender needs to source those funds. Gifts from family, down payment assistance program, grants are all acceptable as a source Of Capital **Collateral This is based on conducting an Appraisal on the property you are buying, the Lender uses this as collateral as a security against the loan. **Credit- this helps the lender see your record of paying bills and other debts on time, Your credit score determines what program/s you may be eligible for.

We have a credit simulator that guides our clients with steps to take to increase their credit scores.

The first step would be consulting with a loan officer. They will want to learn some basic information about you and your financial situation, and this will be the time to express your concerns and get your questions answered. A good loan officer will walk you through all the steps and answer all of your questions. Then comes the paperwork! Once you have decided to move forward with the pre-approval process, you would need to be ready to provide them with information about where you work, your income, and any debts and assets you may have.

A simple conversation with your lender about your income, assets and down payment is a prequalification, but if you want to get preapproved, you will need to provide your lender the documents requested and be submitted through preliminary underwriting.

It’s helpful to know up to how much you would like to put down for a down payment, and up to how much money you feel comfortable paying as a monthly mortgage payment.