subject: How Do I Qualify For A Mortgage [print this page] How Do I Qualify For A Mortgage How Do I Qualify For A Mortgage
Hello Roy SpearEquity Source Mortgage. New Maple Grove Mortgage Lender. Another common question ishow do I get preapproved?
Let me just take you through how Equity Source approves the client to purchase a home or to qualify them to refinance. First and foremost is the most important loan document that we have and that is a uniform residential loan application. You have may have seen or heard it called a 1003, but it tells us all about who you are, where you live, where do you work, how old are you, how long have you been on your job, how are you compensated and from there, it allows us to figure out financially and credit-wise who you are.
From there, we're going to collect and gather all of that information. We're actually going to get it through and automate it through an underwriting system. Human beings are still pretty good at assessing risk, but with the clients that we do approvals for, we know that they're going to take those approvals and they're going to go to their real estate agent or what have you and say, hey we want to buy a house. We're preapproved. We want to make sure you're preapproved and what this automated underwriting engine will do is it will assess the risks that it sees from that 1003that loan application and then will tell us whether we're good or whether we're not and that is essentially how you get preapproved. It's pretty simple.
