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The first step is to get pre-approved for a mortgage. Many might say a prequalification will suffice, but a pre-approval is a very solid trustworthy way of confirming you are 100% ready to write and offer, and you are fully committed to the fees and mortgage payment associated with your purchase. This also helps show sellers that you're a serious buyer.
The amount you can can qualify and you can afford depends on several
factors, including your income, existing debts, credit score, current living
situations and expenses. A loan officer like Lorraine Paredes can help you
navigate scenarios and examine these factors to determine a comfortable
price range through a pre-approval process.
Start by determining what you currently have or will have as soon as far as
savings, retirement accounts, gifts, and maybe even the sale of your current
home. While most individuals prefer minimum down payment, it's not
necessarily for everyone’s loan scenario. Down payment requirements vary
significantly depending on the loan program. Some programs, like VA and
USDA loans, may require no down payment, while FHA loans can be as low as
3.5%. Conventional loans can be required anywhere from 3% to 20% or more.
Absolutely! Every loan is unique, and our team has extensive experience
working with a diverse range of buyers, including first-time homebuyers,
move-up or move-down buyers, investors, and those purchasing vacation
homes. They also specialize in various loan types to accommodate different
financial profiles.
Working with Lorraine Paredes offers a clear advantage. With highly
specialized expertise, personalized service, and a vast array of loan products
beyond what a single bank might offer. Her team is known for their deep
product knowledge, efficiency, and commitment to a smooth, fast closing
process, which often surpasses the experience with traditional banks or less
personalized online lenders.
Pre-qualification is a preliminary estimate without complete verification and
review before an underwriter of what you might be able to borrow. The data is
based on credit and financial information provided but not verified. It's less
formal and doesn't involve further documents that may be required by an
underwriter.
Pre-approval is a more thorough process where a lender and an underwriter
verify your financial information such as income, assets, and credit. The
lender will send out a formal loan commitment with further documentation
required by all parties involved in a transaction. A Pre-approval 100% makes
your offer stronger to sellers.
100%, it's possible. While it may require nontraditional income documentation to prove income stability, lenders like Lorraine Paredes’ team offer programs such as Bank Statement loans designed for self-employed individuals or those with non-traditional income streams.
Yes, you can. Lenders consider your debt-to-income (DTI) ratio, which is the
percentage of your gross monthly income that goes towards paying debts.
Depending on the monthly payments owed to each of your student loans or
how long they have been deferred, and your DTI is within acceptable limits.
Lorraine Paredes has helped tens of thousands of clients. Throughout her 22-
year career, he has closed over hundreds of loans, all different programs
and in different housing markets with a closing rate that speaks about
volumes due to her experience.
