Frequently Asked Questions

  • What documents do I need for pre-approval?

    Pre-approval is a process that reviews not only your credit, but your income documents such as pay stubs and W2 forms, as well as  your asset statements to verify monies for down payment and closing costs. Depending on your specific situation, there are other documents that will be required. You can download a list HERE!

  • How long is a pre-approval good for?

    Pre-approval is generally good for 90 days. This is because documents expire, such as pay stubs, as well as credit. However, since your application is already on file with the lender, it will be very easily updated at a future point. Just keep pay stubs and bank statements easily accessible to upload at a future point should your home search go past the 90-day period. Here is my recent article on everything needed to get a pre approval!

  • Can I get a pre-approval without pulling credit?

    Pre-approval requires review of supporting income and asset documents. Credit is a crucial component of your profile, and is mandatory for the lender to confirm your lending viability. Concerned about pulling credit? Here is my video about The Truth About Credit Inquiries! 

  • If I get pre-approved for a loan, is that a hard inquiry into my credit?

    Yes, pulling credit with a mortgage company will result in a hard pull. Did you know that there are over 25 formulas of credit, and the ones that lenders pull is often different from what you see on many of the consumer sources available to you? Here are some secret tips I have found that you will never find on the internet! 

  • Will my credit go down if I apply for a mortgage?

    Not necessarily. Did you know inquiries are only 10% of your score? An isolated pull from a mortgage company/companies will have less impact on your score than a maxed-out credit card or delinquent payment. Furthermore, pulls from a mortgage company within a 30-day period, only count as one for calculation purposes, and are not reflected into your score for 45 days. 

  • What’s the difference between using a local mortgage company or a big bank?

    Big banks are everywhere! They definitely serve a purpose with an array of products from mortgage, to credit, to checking services. This can be viewed by some as a pro, but by others a con. The big banks have a lot of departments, red tape and therefore can be more cumbersome for the consumer. A mortgage company on the other hand, especially a LOCAL one, has only one product and expertise - MORTGAGE! They usually are more streamlined and accessible to the consumer as a direct point of contact, versus multiple departments like a bigger bank. Here are some tips I have compiled on how to choose a lender!