Gustan Cho Associates: Lowest Mortgage Rates in Chicago
A prequalification letter and a preapproval letter are different. I can prequalify a Florida or Illinois home buyer over the phone and issue you a prequalification letter. A preapproval letter has weight and can be issued once you apply online and complete a 4 page secured 1003 mortgage application. Once you have completed the secured 1003 mortgage application online, I will contact you to see if all of the information you have stated on the online mortgage application is correct and will pull your credit. I will then submit your completed online mortgage application along with your credit report to our Fannie Mae automated underwriting system. Within minutes, I will get a report back by Fannie Mae whether you are approved for a residential mortgage loan in Illinois or Florida.
Is It That Easy to Get The Lowest Mortgage Rates in Chicago?
Getting The Lowest Mortgage Rates in Chicago: Use Accurate Info!
The information you state on your mortgage application needs to be accurate because all of the information you have stated on your mortgage application need to be verified once we start the formal mortgage application process. If you understate your income or debt obligations, your preapproval letter will be invalid and the mortgage application process will be halted.
Lowest Mortgage Rates in Chicago: Purchase Loans
With the combination of the information you have stated on your mortgage application and the results of your credit report, I will give you the current mortgage rates, mortgage terms, maximum mortgage amount you qualify for, the down payment needed, and the tentative closing costs needed on your home purchase. Hands down the lowest mortgage rates in Chicago!
Lowest Mortgage Rates in Chicago: Refinance Mortgage
A preapproval letter will let you know the amount of mortgage loan amount you qualify for. It will state the estimated total housing payment which includes principal, interest, taxes, insurance, and mortgage insurance premium. A preapproval letter, not a prequalification letter, is normally required by real estate agents if you are planning on placing an offer to purchase a home.
Pre-Approvals in Minutes
We do not require documents when we issue a preapproval letter, however, it is a good idea to start preparing the necessary documents that the mortgage lender will eventually require if you decide to proceed with the mortgage application process.
What About Online Mortgage Applications?
If there is confusion on your online mortgage application, your mortgage broker might require to supply certain documents such as tax returns or W2s. For example, if you as a mortgage loan borrower are concerned whether your part time income will be counted towards your monthly gross income or if you are self employed and see what type of deductions will count towards your income, your mortgage broker might want to see your W2s and/or tax returns.
Documents Required to Process Home Loan
Documents that will eventually be needed are the last 2 year tax returns, 2 years W2s, 2 most recent pay check stubs, and 2 most recent bank statements. Asset accounts like 401k, stock and bond statements, and other investment account statements will also be required.
For self employed mortgage loan borrowers, we require 2 years personal tax returns, 2 years business tax returns, and the last quarterly profit and loss statements.
Letters of explanations might be required if you had gaps in employment histories or a change of a line of work such as changing careers from being a school teacher to a truck driver.
Other financial documents that will be needed are bankruptcy discharge paperwork if you filed bankruptcy, divorce decree if you filed for divorce, child support documents if you were ordered to pay child support, lease agreements if you own rental income properties, and mortgage statements if you own other properties.
Applying for a mortgage loan can be stressful and confusing. If you have any questions on the mortgage application process, do not hesitate to ask your mortgage broker. If you are interested in obtaining a residential mortgage loan in California, Florida, or Illinois, please contact me at 262-716-8151 or visit me at www.gustancho.com .