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Mortgage Process

The mortgage process can seem long and daunting but with the right preparation and guidance you can get approved for a great mortgage in no time.

1

Pre-Qualify

This is the initial step in any mortgage process. It will give you an overall picture of your financial standing and help estimate how much home you can afford.

Note: This is not a Pre-Approval (see step 2)

To begin the process you will need:

  • Your monthly income
  • Your total monthly debt payments (auto loans, student loans, and minimum payments for credit cards)

Once you have this information, you can calculate it here or reach out to us if you need assistance.

2

Pre-Approval

A pre-approval means a lender has actually checked your credit, verified your documentation to approve you for a specific loan amount.

To begin the process you will need:

Proof of Income

  • W-2 statements from the past two years
  • Recent pay stubs
  • Proof of additional income such as alimony or bonuses
  • Last two years of tax returns

Proof of Assets

  • Proof you have funds for a down payment and closing costs (bank statements, investment account statements)
  • If relative intends to assist you with a down payment, you will need a gift to prove its not a loan.

Employment Verification

  • Along with pay stubs, a lender may want to manually verify your employment by calling your employer.
  • If you are self employed you will need to present additional paperwork regarding your business and income.

Documentation

  • A copy of your drivers license and Social Security Number.
  • Be prepared to quickly provide additional paperwork requested by the lender. Faster they get what they need the smoother the process will be.

Once you are pre-approved, you and your realtor will receive a notification indicating so. Now you can confidently begin making offers on prospective homes.

3

Approval

Now you've found a house you'd like to purchase. Most of this will be handled by you realtor but this is what will happen next.

  • Home will be inspected
  • The seller will send us a sale contract
  • Title insurance and other general paperwork will be prepared
  • During this process SouthPoint will notify you when as each milestone is met.