The Initial Steps of the Mortgage Application

The mortgage process can seem daunting to those who have not yet been through it. There can seem to be an endless amount of hoops to jump through, accompanied by strings of phrases and terminology which can appear to be a completely foreign language. At Consumer Real Estate, however, we pride ourselves on making this process as streamlined and simple as possible.

The first step is to let us know how we can help you. When you enter your information online, it goes directly to one of our Loan Officer Assistants, who will open a file for you and get in touch within 24 business hours. When we reach you, we will need to ask just a few basic questions regarding your income, credit score, work history, and living situation. Once we have this information, if it seems as though we would be able to help you, we will get you speaking to a Loan Officer licensed in the state that you are interested in purchasing in.

The first thing that the Loan Officer will do is take a look at your finances and your credit. If all is in good standing then he or she will request a few documents from you that we will need in order to move forward. These documents can vary depending on your situation, but often can be as simple as one month’s pay stubs and a copy of your tax returns from the past two years. Based on this information, we will calculate what you can be pre-approved for. We then will send you a letter of pre-approval that can be used as evidence of where you stand financially while you are shopping for a home. There are a few more steps to go through, however, before the loan can be fully approved, but these first ones are quick, easy, and will allow you to go out and shop for new homes with confidence!

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19 thoughts on “The Initial Steps of the Mortgage Application

  1. Hello, is this type of loan available for a 40 plus acre property which currently has no home. I am interested in the purchase of a property and would like to construct a Net Zero energy efficient home. The area is rural. We have a credit score of 840.
    I am also looking at a rural property with an existing home built in 1910 that seems to have been substantially updated.
    Are there requirements as to how much land is farmed, or other land uses.
    Please advise, thanks, Mike Foraker
    My cell is 330-351-2022

    • Mike,

      By the name of the USDA program, you would think that a working farm would be able to be financed. However, that is not the case as the USDA loans are for single family homes with no income producing elements, which would disqualify a working farm. 🙁

    • They dont have minimum requirements. You simply have to show that you are a good credit risk and have paid on time as of recent (usually 12 months). Also, we can help work with you on your credit score.

  2. I am looking to buy the home that I am currently renting. I just don’t know where to start. Please help.

  3. do I need to go through my bank if they participate in the usda program or can I go directly through the website?

  4. I was wondering if I need to go through my bank if they participate in the USDA program, or can I just go through the website.

  5. My husband is 25. I am 18. We have a baby girl due to be born this month. My husband does have a job but it pays a lot of bills. We currently live in a church. We are looking to be first home buyers. Are we eligible for the help of USDA?

  6. We already have a home that we live in but I have found some property with acreage, a small home and horse barn that I would like to start my own horse boarding business, summer camps, growing vegetables etc. Does this type of loan exist to get some funding to purchase this potential property? Thanks

  7. I already have a has 4 acreas..because I have green belt, other companys wont help..I want to re fiance. .because I am paying 9 per cent interest. .is this possible..I would like a 15 year fixed..thanks

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