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What’s Next?

Congratulations! You found the right place to get started on your free home loan application for mortgages in Wisconsin and California! Getting Pre-Approved versus just being Pre-Qualified is a big deal because you have a written pre-approval from a lender for a specific mortgage amount based on a detailed financial analysis and credit check. In other words, it’s not just a bunch of talking, but an actual letter you can count on. Below is how we get that process started.

Step One – Permission

If you haven’t already verbally given me permission to pull your credit (we would have discussed it), please email mcreed@envoymortgage.com or text me at 262-696-9048 to let me know that I have your permission to pull your credit (include your name in the text). For Joint Pre-Approvals, if you are married, you can give me permission to pull your credit and your spouse’s. If you are not married, I need to hear from each borrower. It’s the law, sorry to be a pain in the neck!

Step Two – Data

If you haven’t already done so, please complete your free application at http://www.CloseWithMichael.com/apply (link opens in a new tab). If you prefer to complete the application in person or via phone, please contact me to get an appointment set up.

Step Three – Verification

To complete that detailed financial analysis part and to show your sellers that you mean business if you’re buying a home, the following documents are highly recommended (without them, your pre-approval will be weak and unreliable):

  • Assets: The two most recent monthly statements (or one quarterly statement) for each of the accounts (checking, savings, money market, retirement, etc.) that you list on the application as assets.
    • Purchase Money Mortgages Require that you source your down payment; i.e. assets are almost always required.
    • Most refinance transactions do not require that you show assets, but if you do, it will add strength to your overall loan portfolio.
  • Contract: In the unlikely event that you already have an accepted offer on a home (for a purchase), please make sure you also send over a full copy of the fully executed and seller-accepted offer to purchase along with all addenda and attachments.
  • Income: Wage Earner – Each borrower’s most recent pay vouchers (pay/check stubs) covering at least a four week period
  • Income: Wage Earner – Each borrower’s two most recent annual IRS W2s from your respective employers (not full tax returns, just the W2s)
  • Income: Miscellaneous –  If an income comes from sources other than traditional wages (i.e. entitlements, retirement, etc.), I usually need the 1099(s) and/or the annual award letter(s) showing the amount of income being received for the past two years.
  • Income: All Others – If a borrower owns more than one property (or plans to retain their current property and buy another), is self-employed, owns 25% or more of a business, or earns commission income, I will need the two most recently filed personal federal income tax returns along with all applicable schedules attached (including W2s, if any).  If this borrower files as a partnership or an LLC, I will also need the Schedule K-1 and Form 1065 with all applicable schedules attached.  If this borrower files as an S-Corp, I will also need Schedule K1 1120S and Form 1120S with all applicable schedules attached. Finally, if this borrower files as a corporation, I will also need Form 1120 with all applicable schedules attached.

There are many ways you can get me the documents noted above, all methods are shown at http://www.CloseWithMichael.com/docs.

Bear in mind that providing these supplements is not mandatory, but highly recommended. For purchases, your real estate agent and seller will be much more comfortable with you as a buyer if they know that your lender has checked your credit, your income and your assets. For refinances, you know that the numbers provided are much more accurate.

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