Loan Wolfe Mortgage

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Getting a mortgage doesn't have to be difficult.

These are the five stages to the loan process when purchasing a home:

Pre-Approval : determine how much you can afford and identify any qualifying issues.
Offer on Home : your real estate agent and I will help you put together a winning offer.
Underwriting : after your offer is accepted - your income, assets, and credit are verified.
Clear-to-Close : review your mortgage before signing.
Closing : sign at title!

To ensure a smooth ride all the way to the closing table, please carefully read the sections below.

Pre-Approval Process

Income

The income of whoever will be incuded on the mortgage can be used toward qualifying. Documenting income is detailed below in the Documentation Process.

Property

How you intend to occupy the home being purchase determines what type of loan you can qualify for, rate, taxes you pay and more.

Assets

When buying a home, here are three main pieces you will be need to budget for. These funds needs to be verified by the lender. How to, is in the Documentation Process section below on this page.

Earnest Money Deposit (good faith check dupfront)
Downpayment (% of the purchase price)
Closing Cost (about 2-5% of the purchase price)

Here is an example:

$200,000 purchase price at 5% down:

Down payment $10,000 (5%)
Closing cost $4,000-10,000 (2-5%)

Total cash to close $14,000-$20,000

Credit

Your FICO score determines what products and terms you can qualify for.

Low credit (like 580) might get you in, but could come at a higher interest rate. Aiming for a score 640+ will unlock better loan terms and save over time.

Documentation Process

Documenting Income

Provide a TWO YEAR work history. An underwriter will average your income over this time frame to qualify you.

Two Years W2 and last 30 Days of paystubs

Paystub must have the following...

Employer Name
Pay Start, End and Check Date

Variable Income Earners (OT, Commission, Bonus, etc.)

Provide two END OF YEAR paystubs OR have your employer fill out this Written Verfication of Employment form. (First link)

Self Employed Borrowers

Provide the most recent two years tax returns with ALL PAGES

Documenting Assets

The lender needs to verify that you have funds to cover down payment and closing cost. Here's how to do so, without the mess.

Two Consecutive Months Account Statements

Account statements MUST have the following:

Account Number
Name
ALL PAGES

Earnest Money Deposit (Purchase Only)

To verify an EMD the lender requires:

Receipt of EMD from title
Source funds of EMD. Statement or transaction summary with evidence of EMD leaving the account. Must cover the days leading up (and including) check clearing the account.
- MUST HAVE ACCOUNT INFO on the statement or transaction summary.

Paying Off Debt to Qualify

You will need to...

Source funds being used to pay debt. Statement or transaction summary showing debt payment leaving the account.
- MUST HAVE ACCOUNT INFO on the statement or transaction summary.
Document new debt balance after payment, payoff made.
Include ALL PAGES always

Gift Funds

Have a blood relative helping you out?

Request a gift letter from me
Donor name and contact information
Donor amount
Have the doner WIRE FUNDS TO TITLE
- Depositing into your account will require the donor account to be scourced.

ALL loans are subject to underwriter approval. Guidelines and documentation may vary by loan product. Please follow this menu as a guide to make verifying your income, credit, and assets easier.