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Ellen + Janis Team

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How much can I afford to spend on a home? That’s a question most buyers struggle with as they begin to think about homeownership. Unless you are paying cash or your home, you shouldn’t hesitate to contact a mortgage broker for a pre-approval well before you begin your search. Based on your credit history and income, the broker will determine how much a bank will be willing to lend you. Once you know how much you can afford, you can begin the search with confidence.

Here are a few questions that a lender might consider during the approval process.

Are you self-employed?

Buyers who are self-employed can verify their income by submitting two years of federal tax returns and a letter from a CPA verifying a business license and business history. The lender will also require verification of the business name, address, phone number or website.

Will you be starting a new job while looking for a new home?

Keep in mind that you’ll need 30 days of payroll records from your new job before you can qualify for a mortgage. A paystub from your new job may be required.

Will you be using a gift from family for the deposit or closing costs?

Gifts must be documented with a gift letter form signed by all parties. You’ll need to include a copy of the cancelled check and must be able to show that the gift has been deposited in your account.

Have you recently opened new credit cards, or have you obtained new lines of credit?

Lenders will conduct a final review of your credit report the week before the closing. Any changes will need to be verified and the lender will assess the impact on your credit score. The verification process could delay your closing because it cannot be done until a few days before the closing date. If you’re aware of any changes to your credit, please contact your mortgage broker immediately.

A seasoned mortgage broker can streamline the mortgage process and add value to your real estate transaction. We work with some of the best lenders in the business and would be happy to refer you to someone with a proven track-record. In the meantime, don’t hesitate to reach out with any questions you may have  



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