Mortgage 101: Loan Process 102

[Music] If buying a home is in your future, then listen up There are hurdles to cross concerning your income and finances so with us once again our mortgage 101 experts John Alexander and David Villarreal from Affinity Partners, good morning and welcome back

Good morning So today we're looking into loan process 102 and there is this term I want to share with my viewers and it reads this and I'd like you gentlemen to explain it to me, acceptable means of verifying income What exactly does that mean? What that means is that you have to have the proper and certifiable documentation that demonstrates to that mortgage professional and the lending institution that you have the income necessary to be able to repay the loan they're about to give you and credit plays a huge role in obtaining a home loan Oh it's a place a very large role, it determines on how much that money is really going to end up costing you, the better credit you have the lower the risk and the lower you have to pay, the higher the risk and the more you have to pay and it's critical in how you approach it

And also the down payment, this is where sometimes problems can arise, can you really make it? well down payment is always the primary concern for any borrower, however, there are some institutions that provide you downpayment assistance that makes it a little bit easier to be able to use that capital to purchase the home of your dreams And tell me the difference between pre-approval and pre-qualification, are they the same different? Oh they're different Yeah One of them indicates how much they think you can afford and the other one is actually an approval process So you actually go through and it actually tells you and your realtor that you're working with how much you can write

But it's important to know that it is possible to get that dream home right? It's very possible, you just have to work with professionals Like you two Yes Thank you so much for your time and if you'd like more information about Affinity Partnerships and these two gentlemen, go to affinity ps dot com that's affinity ps dot com or our website the balancing act dot com

Source: Youtube

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