Tag: loan process

The Mortgage Process: What You Need to Know

The first step in the home buying process? Knowing what you can afford by getting a loan pre-approval (or having a proof of funds letter from your bank, if you are a cash buyer).

The Mortgage Process: What You Need to Know [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • Many buyers are purchasing a home with a down payment as little as 3%.
  • You may already qualify for a loan, even if you don’t have perfect credit.
  • Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford.

View this previous post on the dos and don’ts when applying for a mortgage. 

Thinking of buying? Contact us today! (708) 529-5839

What to Do Before Home Shopping

Shopping for a home can be exciting. However, don’t let the thoughts of your dream house overshadow what has to be done before you even start looking.


Some people assume they are able to buy a home and that they can afford a specific price range, based on their salary. What not all buyers realize is that their debt may be higher and/or credit score lower than they think. Before you even start your home search, you need to get a pre-approval from a lender. If you are a cash buyer, you will need to have ready a proof of funds. It is not uncommon for some home sellers to request to see a pre-approval letter or proof of funds and Agents don’t show properties without those.


Another thing some people don’t think of is just because you’ve been pre-approved, doesn’t necessarily mean you will get a clear-to-close approval. The loan underwriter can and will question any changes in your financials, which can limit your chance of a loan. With that said:

– Avoid buying any big ticket items such as a car, furniture, etc.

– Don’t change jobs. (they check to make sure you are still employed right before closing)

– Avoid unexplained large deposits into your bank account


For the most part, unless you’ve been in school, and just started working in the same industry you studied in school, lenders will want to see the loan applicant to be on the same job for at least six months at the time of application. If you are self employed or an independent contractor, be prepared to show at least your last two years of taxes. If your numbers are tight, they will also want to make sure you were not making less year over year.

Demystifying the Mortgage Process

Demystifying the Mortgage Process: Your complete 6-step guide to getting a home loan

Would you like to get a better grasp on what is involved in getting a home loan?


Compliments of Guaranteed Rate, this easy-to-understand 28-page ebook answers all the questions you may have been afraid to ask about the mortgage process. Just enter your info and hit the green download button.