Home Buying in 33176>Question Details

swhz, Home Buyer in Miami, FL

how does one find out if they qualify for a mortgage?

Asked by swhz, Miami, FL Tue Jul 23, 2013

Help the community by answering this question:


You give me a call and I can walk you through a quick pre qualification on the phone and then move toward a fully pre-underwritten pre approval. I have 14 years of experience in the mortgage industry and can explain the entire process to you. Plus I have a realtor license so I can answer pretty much any of your questions. Let me know how I can help.
1 vote Thank Flag Link Thu Jun 12, 2014
The best way is to talk to a mortgage professional and take a full application. You should not have to pay for this service. Some companies might ask for you to pay a nominal credit report fee, but I would not use that type of company. My company, like many others, do not charge for credit reports.

The mortgage professional will then look at your credit history, credit score, income, assets, and determine what loan product you qualify for.

At The Lending Team, we have access to over 18 different lenders guidelines so we can find the right lender for your situation.

If you do not qualify now, we can give you specific instructions on what you need to do or how ling you will have to wait to get qualified in the future.

I wish you the best of luck in your financing quest and I would love to help if you need a lender to discuss your qualifications.

Andrew Kashella
1 vote Thank Flag Link Tue Jul 23, 2013
The first step in finding out if you qualify for a loan is by seeking a pre qualification letter from a respected lender. This step is a rather simple step and is considered to be the initial step in the mortgage process. Now do not confuse this with pre approval. Pre approval is much more involved and will have to fill out a mortgage application. A pre qualification can be used to determine what your mortgage goal is between you and your lender.
0 votes Thank Flag Link Tue Jul 15, 2014
Home Buying and Loan Qualification Process with a green touch

When Buying a Home and Qualifying for a Loan:

1- Your Foundation is: a stable income, good credit, accurate income tax returns, and additional funds fora down payment, inspection, appraisal, survey and closing cost. By having these you can easily get a solid pre-approval document from a lender. This document will be the foundation of your offers when buying a home. When a seller sees that you have a pre-approved letter from a respected lender he understands that you can afford his/her home and he/she will feel confident to enter into a contract with you.
- go green: keep all your documents in digital form as much as possible only print them out on paper when is strictly necessary, you will be extending the lives of our precious trees.

2- Picking out a place and professionals: the acquisition of a home is one of the greatest investments in someone's life. Be very careful in choosing where you and your family will be spending a good portion of your lives. Be selective, study and analyse well the area where you will be living for a few years. Investigate the quality of the schools, the crime rate, commercial growth, projections, etc. Feed your knowledge of the area as much as possible. Also, keep in mind that you can find a house to buy on your own but Realtors can provide a wider rage of home inventory and experience. the same goes for Lender and Title company professionals, be selective but once you are working with them trust them. Take advantage of their experience you will have a smoother transaction.
- go green: when driving around town, if the whether permits, let the windows down, enjoy the fresh air. By not using the a/c, you will be limiting the amount of carbon dioxide burned in your car motor that pollutes our air.

3- Hope and Faith: after submitting your offer hopefully you will be the one entering into a contract with the home seller. Then comes a the 45 to 90 day period in which your loan will be in the process of getting approved, be patient, don't despair if everything was done the right way by the lending professionals the deal will close at the earliest projected time possible.
- go green:.. "can an anxious thought add a single day to your life?"... Don't take worrying thoughts seriously, let them pass you by, and welcome brighter ones.

4- Build life long lasting professional relationships: after closing and after you have settle at your new home, keep in touch with the professionals that worked with you through the entire transaction process. Keep your bridges in good standing condition, you never know when you may need them again. Call them or visit them if possible, keep the contact alive.
- go green: plant lovers know watering is the life of a healthy plant. So it is keeping in touch consistently with people that we want to have a healthy relationship with, water them as much as possible.
0 votes Thank Flag Link Tue Jul 15, 2014
Shop around and see everyone's offering mortgage rates. Before you do decide, go through these questions and see where you are:

How much can I borrow?
How much will my mortgage payments be?
How much will my adjustable rate payments be?
Which is better: fixed or adjustable?
Which is better: 15 or 30 year term?
How much should I put down for a new home?
How much can I save in taxes?
What will my closing costs be?
Am I better off refinancing?
What will my refinancing costs be?
How can I reduce mortgage insurance costs?
Which loan is better?
How advantageous are extra payments?
What home can I afford?

If you need any further assistance, feel free to contact me.

Rocio Roca
Realty Empire
0 votes Thank Flag Link Mon Jul 7, 2014
Finding out is the easy part. it is what you do with that information that can determine your purchasing power. Let me know if I may be of assistance.
0 votes Thank Flag Link Mon Jul 7, 2014
Contact a mortgage professional.
I highly recommend,
The Mortgage Experts of South FL.
610 NW 183rd
Miami Gardens, FL.33169
0 votes Thank Flag Link Wed Jun 11, 2014
Contact a mortgage professional.
I highly recommend,
The Mortgage Experts of South FL.
610 NW 183rd
Miami Gardens, FL.33169
0 votes Thank Flag Link Wed Jun 11, 2014
Talk to a loan officer at the bank which you already have an established relationship with. This is for starters.
0 votes Thank Flag Link Thu May 15, 2014
To find out how much of a mortgage you would qualify for you will have to consult with a lender who will ask for documentation such as, your earnings,debt,obligations such as child support,etc.
0 votes Thank Flag Link Thu Feb 6, 2014

The first thing to do . Is to speak to a professional Mortage Broker or Banker . They will be able to explain to you the process of purchasing a home and what needs to be done to obtain a mortage . If you have any questions feel free to reach out to me .

Samantha Tenzer Friedman
Tenzer Realty
Cell 786 314 6100
Email: SamanthaTenzer@yahoo.com
Website: http://www.tenzersellshomes.com
0 votes Thank Flag Link Fri Jan 31, 2014
If you’re considering the purchase of a new home, you may be concerned with the issue of finance. Attaining the right mortgage is a key step in the home buying process, but it doesn’t have to be a stress-inducing one. Most lenders offer prequalification, pre-approval or both to help you know where you stand. Let me explain the difference between prequalification and pre-approval:

•Prequalification: Prequalification is a preliminary estimate of how much you can afford to pay for a home based on information you provide. Because credit and employment information aren’t validated for prequalification, it can only be considered a rough idea of a monthly mortgage payment and loan size. This can be a useful guide as you begin the home buying process, however.

•Pre-approval: Pre-approval is a written commitment from a lender to finance your home purchase up to a set amount. This indicates that the lender has taken a close look into your financial history and has agreed to lend you a specific amount of money, reliant on certain details like a finalized sales contract and professional inspection. Pre-approval indicates to sellers that you are a serious homebuyer.

Regardless of which option you utilize, or even if you take both steps, you’ll be able to shop with much more confidence. Why wait until you find the perfect home to discover problems with obtaining a mortgage?

Tammy Hayes, Realtor
Re/Max Palm Realty
0 votes Thank Flag Link Fri Nov 29, 2013
You also may be able to get up to $10,000 with a State of Florida first time homebuyer bond program:


To get this money you MUST work with an APPROVED lender that participates in the program and you will find the list after you input your household size and county (no personal info needed). Many lenders do not want to do the program because it limits the garbage fees and profits a lender can make. There may also be other reasons a lender may not want to participate but I do know the state reviews the settlement statement and if a lender charges extra "garbage" lender related fees or overcharges on the interest rate they will not allow it.

Also Veterans, "Military Heroes" do not have to be a first time homebuyer to get downpayment assistance money.
0 votes Thank Flag Link Fri Nov 29, 2013
Start with your local bank and go over your FICO and credit report
Or get in touch with the many fine lenders getting in touch with you.



Good luck.

0 votes Thank Flag Link Thu Nov 28, 2013
First thing you should do is check the ratings and reviews of Mortgage Brokers at the Better Business Bureau (bbb.org), Yelp and Consumer Protection Websites.

Would you want this company to hold your mortgage for 30 years?

Wells Fargo Bank's Corporate Rap Sheet
0 votes Thank Flag Link Sun Nov 24, 2013
A qualification for a mortgage implies the analysis of four pillars: 1)Income and its Source, 2)Assets, 3)Credit and 4)Collateral (Real Estate property subject of financing).
It is imperative that you speak with a mortagage lender, that can provide you with the insight of what you can qualify for and what type of properties you should be looking at.
The qualification process, not only implies a review of your credit history (not only the credit score) but also the consistency of your assets and source of income. Your liabilities, will limit how much you qualify, and the assets liquidity the down payment; which at the same time will limit what kind of properties you should focus on (condos, usually require a 20% to 25% downpayment).

You have a wide spectrum of possibilities: Banks, Mortgage Lenders and Brokers.

I work with a major lender, that offer financing with a limited 3.5% down payment (FHA) and a 3% downpayment (Community Works). If you qualify, I can even offer a GRANT up to $30K, that you don't need to repay if you live in the property for at least 4 years.

Contact me thru the inbox.


0 votes Thank Flag Link Sun Nov 24, 2013

http://www.MtgProfessor.com has a wealth of info on how to correctly "shop" for a mortgage.

Also try credit unions.
0 votes Thank Flag Link Tue Jul 23, 2013
You would need a mortgage broker or lender to prequalify you so that you know what type of mortgage and how much you qualify for in loan.
0 votes Thank Flag Link Tue Jul 23, 2013
Call Preston Ware at 561-329-0075 or to http://www.PrestonWare.com

Marc Jablon
Johnson and Johnson Team Realty
0 votes Thank Flag Link Tue Jul 23, 2013
I recommend that you start by talking to a qualified mortgage broker to get pre-approved. You can begin by going to your bank of preference. If you need additional please don't hesitate to call me or email me, I have two licensed professionals I can recommend.

Alberto Baca
The Keyes Company
0 votes Thank Flag Link Tue Jul 23, 2013
You can contact me directly at meg@viviendarealtors.com we work with a whole portfolio of lenders, we can get you the best rates and no points. We also have programs for clients with a very low credit score if needed.
0 votes Thank Flag Link Tue Jul 23, 2013
Good afternoon swhz,

You need to speak with a Mortgage Lender. As a general rule of thumb, you need to have the following paperwork available for them: 1) Last 2 years taxes, 2) Last 2 months bank statements, and 3) last 6 paystubs. The pre-qualification process is effortless and they usually have an answer with-in 24hrs.

Hope this helps. We have a very friendly, experienced company we work with. If you are interested feel free to contact me and I will provide you their information.

Glory Velez, Realtor
DecoNova International Realty
(786) 439-5190
0 votes Thank Flag Link Tue Jul 23, 2013
Call me. 786.402.1076.

Lawrence Soto, Broker
Global Trust Realty, LLC
0 votes Thank Flag Link Tue Jul 23, 2013
You need to get pre-approved. I or any other Loan Officer can help you. You would send me your 2011 & 2012 tax returns including W-2s, 4 recent paystubs, 2 recent bank statements and 2 forms of ID. With this I can tell you exactly what you qualify for, what your mortgage options are, estimated payments and closing costs, etc.

I've been in the business for about 10 years and work directly with homebuyers. If you're looking for a reliable and honest Loan Officer, feel free to call or email me anytime. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Tue Jul 23, 2013
Shop around for a mortgage broker. They have access to many banks, private lenders and different programs. You can your research on line.

Best of Luck,

Maria Cipollone

0 votes Thank Flag Link Tue Jul 23, 2013
Visit your nearest Banking Institution and ask to speak to a Loan Officer.
0 votes Thank Flag Link Tue Jul 23, 2013
By walking into a bank and talking to a loan agent.
0 votes Thank Flag Link Tue Jul 23, 2013
Contact a lender or a mortgage broker. They will ask you information regarding your credit score, tax returns, loan to income ratio, etc. Once they've pre-qualified you, they will provide you with a letter. Additionally, they may present you with a DU (desktop underwriting) file. If the DU is available when you present an offer, the seller will usually feel more comfortable about considering your offer because they will know that your credentials have been verified by the lender and there is a good possibility that financing will not be an issue.

If you'd like, I may suggest a few banks or mortgage brokers, depending on your needs, in the area to help you with this process.

Hope this helps. Best of luck!

Rebeca Castellon
0 votes Thank Flag Link Tue Jul 23, 2013

I can refer you to a loan officer that is on top of things.

All the best,

Pablo Torres, MBA
AF Realty, LLC
0 votes Thank Flag Link Tue Jul 23, 2013
We suggest that you meet with a loan officer at two local banks. If you can't qualify right away, ask the loan officers what you need to do to obtain a loan in the future.
0 votes Thank Flag Link Tue Jul 23, 2013
Speak with a couple of lenders to find out if can qualify now or if you have some work to do to get there.
0 votes Thank Flag Link Tue Jul 23, 2013
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