Financing
Your family’s concerns are of the utmost importance to you. After all, what’s more important than the well-being of those you love? When a medical emergency arises, you consult a specialist. When you face a legal issue, you turn to a trusted professional with the experience and skill to handle your needs. It’s the same when it comes to your home mortgage or refinance needs.
Having the proper mortgage in place is one of the most important steps your family can take. Why trust those crucial decisions to chance? The time to choose the right mortgage consultant is before you need one. That’s where I can help. As one of Virginia’s leading mortgage consultants, helping families like yours isn’t just my job, it’s my commitment. “Your home is one of the most important investments you’ll ever make. The last thing you need is a loan that will ‘just do’. You need a loan that will work for you today, as well as protect you tomorrow.”
The Approval Process
Prequalification
Pre-qualification is generally the initial stage of the mortgage process. Using credit, income, and asset information, the lender will make a determination as to which loan programs you are eligible for and how much you may be able to afford.
Approval
The approval process is a substantive analysis and determination of the borrower’s ability to purchase a home. The process consists of the application, processing, and underwriting.
Application
Completion of a 1003 residential loan application is the first stage of the approval and loan application process. Once completed, the loan officer will request items needed to support claims made on the application. These will include pay stubs, tax returns, W-2 forms, bank statements, and various other documents dependent on the particular application. A thorough application will prevent multiple requests for additional items. Upon receipt, your application and the requested documents are compiled and turned in for processing.
Processing
The processing stage consists of verification of the items provided with what has been presented on the loan application. Loan processors will verify employment, review bank statements, review credit history, recalculate debt to income ratios, and verify the loan application meets the criteria of the loan program utilized. Once the loan has been fully processed, the loan is turned over to the underwriters for loan approval.
Underwriting
This is the last stage of your pre-approval process. All information gathered is reviewed. The underwriter verifies the applicant meets all the criteria of the loan program and an approval letter is issued.
Who is New American Mortgage?
New American is a multi-state mortgage company designed to provide superior service to Real Estate Professionals on a consistent basis. We are an expanding company that has offices in Virginia, North Carolina, and Texas.
New American Mortgage is a full service lender with in-house processing, underwriting, and closing. We are able to offer our clients a hassle free lending experience. Whether your transaction in a refinance or a purchase, our experienced staff and mortgage consultants are dedicated to getting your loan closed!
For more information, please click here.
Christian Anderson
Specializing in: Homepath - Rehab Loans - FHA - VA - Conventional