Home Buying in Crystal Lake>Question Details

Denise, Home Buyer in Crystal Lake, IL

what do i have to do to qualify?

Asked by Denise, Crystal Lake, IL Sat Dec 10, 2011

How do i qualify for a home loan

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Answers

5
Donna Larrabee’s answer
Denise:

I would highly recommend contacting Tricia Rieth. She is a Senior Loan Consultant at Baird and Warner Financial Services and works closely with the agents in our office to make sure customers like you are given quality advice. Her cell is 847-312-4202.

Donna Larrabee, Broker
Baird and Warner
Cell: 847-977-5564
0 votes Thank Flag Link Mon Dec 12, 2011
Denise,

Please feel free to contact me; I am a Mortgage Consultant in the Crystal Lake, IL area.

I will be happy to help you evaluate your loan potential and help you choose a program that might be right for you. If you have everything in order when we communicate, you'll save a good deal of time. You should have: 1) social security numbers for both you and your spouse, if both of you are applying for the loan; 2) copies of your checking and savings account statements for the past 6 months; 3) evidence of any other assets like bonds or stocks; 4) a recent paycheck stub detailing your earnings; 5) a list of all credit card accounts and the approximate monthly amounts owed on each; 6) a list of account numbers and balances due on outstanding loans, such as car loans; 7) copies of your last 2 years' income tax statements; and 8) the name and address of someone who can verify your employment. Depending on the outcome of this evaluation I may need to ask for other information.

This process will help you determine if you can get a loan also known as, pre-qualified to apply for a mortgage before you actually start looking for a home. Then you'll know exactly how much you can afford to spend, what type, what terms of a mortgage product you would qualify for and it will speed the process once you are ready to find a home.

Viki Hettinger
Wintrust Mortgage Helping You with Your Mortgage Essentials
0 votes Thank Flag Link Sat Dec 10, 2011
The best answer is from a loan officer at a bank or a mortgage banker. In general, your credit score is important, 2 years on the job, and your gross reported income. These factors determine how large a mortgage you can get. That plus the amount you want to use as a downpayment is how expensive a place you can get. That is as simple as I can make it.
0 votes Thank Flag Link Sat Dec 10, 2011
Denise

My office has an in house lender and he would be happy to give u a call.
0 votes Thank Flag Link Sat Dec 10, 2011
Hello Denise,
Contact a mortgage Broker or local lender to determine how much you would qualify for a loan. The will ask you to provide your work history, income, possibly your recent bank statements, and also will run your credit report in order to see what you could comfortably afford.

Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Sat Dec 10, 2011
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