Getting home loan approvals from an underwriter requires producing many documents and answering a lot of questions. Being thorough upfront results in a smooth closing.
Tom Parke of Mason-McDuffie Mortgage discusses how he and his team do a deeper dive with home loan approvals.
Getting a Loan for a House – Home Loan Approvals
When our team pre-approves a client and when we get the underwriter to approve the buyers as well, we are as thorough as possible to ensure that one only has to do one touch on the borrower’s file. We don’t want to go back and piecemeal the buyers over and over and over again and repeatedly have to ask for more and more information to get what we need for home loan approvals.
With home loan approvals, more and more information can lead to a can of worms. Peeling back the layers of the onion can sometimes just create more questions, more concern. We want to do all of that up front for home loan approvals. What we will do is we will ask for the basics when it comes to income, assets, debt, and credit. Then we will go a little bit deeper. We will ask for:
• Pay stubs
• Tax returns
If there is any sign of self-employment on a Schedule C in the tax returns, when underwriting home loan approvals we are going to ask for:
• Corporate returns
• Partnership returns
• Business returns
• The K-1
Home Loan Pre Approval Process
We are going to ask if there is real estate on the Schedule E. We are going to ask about each piece of real estate to see if it is owned personally, owned in a partnership or it if is owned in a trust.
We want to know anything that could come up for underwriting home loan approvals.
We want to ask all the questions up front that an underwriter will ask because those questions are inevitable. When those questions are asked, and even if they are not asked, you want to have the answers ready. You want to know if there is anything that could possibly come up that would surprise you.
How to Get a Home Mortgage
Any lender would generally ask for W-2’s, pay stubs, tax returns, and asset statements. That is usually where they would stop. Because of our team’s experience, especially in the bay area where you’ve got savvy buyers with sometimes complicated income. We are used to asking for everything because once you open up one can or worms, so to speak, you want to know what’s there. That is why we are extra thorough. We are anticipating any possible questions that an underwriter might have with home loan approvals.
Getting Approved for a Home Loan
We do sometimes have buyers say, Wow – you are very thorough – to the point of maybe being a little intrusive. Then when we tell them why we are asking what we are asking for and what the pitfalls are if you don’t ask for these items upfront and this surprise pops up later, everybody understands why we are doing what we are doing. That is all to make sure there are no surprises.
If you do hear a real estate agent sing the praises of our team or our company it is because we do such a thorough job up front. It ensures that on the back end there is nothing that will impede this from closing on time or in the end denying home loan approvals.
Best Place to get a Home Loan
For the best way to get a home loan contact the Tom Parke Mortgage Team at Mason-McDuffie Mortgage Corporation. They are a direct mortgage lender specializing in residential real estate finance for home purchases, refinances, lines of credit and construction renovation.
That means they can help with getting a loan now, getting a loan with no credit, getting a home loan with bad credit, and assist with getting a home equity loan.
The Team’s goal is to enhance the financial lives of their clients, business partners and colleagues. With more than sixteen years in the financial services industry and after having closed the home loans for over 2,200 families (and counting!), The Tom Parke Mortgage Team offers a wealth of experience and knowledge in the home financing process. Tom may be reached at 415-828-5004 or www.TomParke.com.
They will explain their steps to getting a home loan, how to qualify for a mortgage, how to apply for an FHA loan and ultimately deliver the good news – loan approved!
Kathleen Daniels is the broker-owner of KD Realty in San Jose and owns and manages https://NeedProbateHelp.com. While Kathleen specializes in probate and trust real estate sales, she also represents buyers and sellers of non-probate homes.
If you need to sell a home, or if you are in the market to buy a home, hire an agent that has a team of experienced professionals to serve you, including a trusted direct lender for home loan approvals. Call Kathleen at 408-972-1822 to discuss your needs and learn what Kathleen and her team can do for you.