Banks do not approve just anyone for loans, and often make you wait several months before letting you know your loan application has been rejected. This can make applying for home loans for first time buyers a strenuous and unfulfilling process. At Avrus Financial & Mortgage Services, Inc. SM we treat each of our customers with specialized personal services that helps guide your loan through the system without the confusion.
What you need to provide a Bank to get you Approved:
- Enough money for the Down Payment
- Two years of steady employment (same job or field)
- Good (not perfect) credit score 600+
- Monthly income that’s 2 to 3 times higher than your expected monthly mortgage payment.
If you do not have the bank requirements listed above do not get discouraged. Here at Avrus Financial SM, we specialize in obtaining mortgage for self employed borrowers and can help you to plan and obtain a loan approval in the near future.
The Avrus Financial SM Approval Process
- The approval process begins with a meeting between the home buyer and an Avrus SM loan specialist. In this meeting we will discuss the potential loan and the information needed to verify their income and long-term debts.
- The next step is called prequalification. This step involves a review of the buyer’s finances to determine a loan amount they can afford. The prequalification step saves home buyers time, hassle, and assures them they are searching for a home that falls into their appropriate price range.
- After buyers have negotiated on a home and the seller has accepted the offer, they will then be required to submit a loan application fee and appraisal fee along with the mortgage application. To speed up the loan application process, an Avrus SM specialist will advise the borrowers to include certain documents with the application.
Mortgage Loan Approval Terms:
Pre-qualification - The process of determining how much a borrower (home buyer) can afford to borrow based on a basic review of their finances. Pre-qualification does not require a formal mortgage application nor does it require a fee. It is non-binding, which means there is no guarantee you’ll actually get approved for this amount.
Pre-approval - Similar to the pre-qualification process described above, but based on a more in-depth review of the borrower’s financial history. Gives you a more accurate idea of how much you can borrow. Generally requires a mortgage application. This process takes place before you have selected a home, which distinguishes it from the final approval described below.
Approval - This is the final approval by the mortgage lender. It takes place after you have chosen a home and made an offer. It usually requires a home appraisal as well. This also makes obtaining a mortgage for self employed borrowers simple and easy.