FAQ #1 ..... What Do I Need To Do To Get Pre-Qualified For A Mortgage?

Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

Anna 'Banana' Kruchten has established a new ActiveRain contest in which we are to respond to the 10 most frequently asked questions that we are asked, and we are to do this in10 different blogs.  This is an easy one for me, because there are at least that number of questions that I am asked on a regular bases.  So here we go with the one that I am asked most often.

What Do I Need To Do To Get Pre-Approved  For A Mortgage?

The majority of the loans I do are for First Time Homebuyers, so they do not have a clue as to what is involved in being Pre-Approved for a mortgage.  The answer to this question is simple, and one that I try to make as painless as possible.  At least 80% of what I absolutely need to know, I can find out in about 10 minutes.

  1. I need to pull their Credit Report, so I need:
    1. Their legal name
    2. Their Social Security Number
    3. Their home address
  2. I need to determine their Debt-To-Income Ratios, so I need to know how they are paid:
    1. If Salary, what is the yearly salary without bonuses
    2. If by the hour, what is the hourly rate and how many hours per week, without over time
    3. If Self-Employed, what is the Net Gross Income on the schedule "C" on their tax returns the last two years.
    4. I Commission, have they been receiving it for at least two years, and if they take business deductions, what is the Net Gross Income on schedule "C" of their tax returns

(There are other income questions, but these are the four most common)

With this initial information I can pull credit, determine the Debt-To-Income Ratios, and begin to establish what price house they could possibly qualify for.  Also based on the initial above information, I will either go on to complete a full application, or stop right there until we correct anything that needs correcting, especially credit scores.   But let's say everything is good, I then go on to collect the following information:

  1. Contact information
  2. Date of birth
  3. Where they have lived for the past two years
  4. Where they have worked for the past two years
  5. Additional income if any
  6. Bank information
  7. Series of "Yes" and "No" questions.

With this information, I can then run the file though Automated Underwriting (DU), and have very good idea if they qualify or not.  Of course at this point, I am basing my opinion on what they have told me, and still have to verify the information, by collecting:

  1. Paystubs
  2. Tax Returns (if needed)
  3. Bank Statements

For most Borrowers, the above is all I need, but there are times that other information might be needed to determine what they can be Pre-Approved for.



  Info about the author:

 George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or souto@snet.net


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Show All Comments
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Finally a contest that is on our side of the equation (lol)

Thanks for the heads up

May 16, 2012 12:29 PM #1
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

This is a great list of things that buyers need to provide so the lender can do what is necessary.

May 16, 2012 12:43 PM #2
Evelyn Kennedy
Alain Pinel Realtors - Alameda, CA
Alameda, Real Estate, Alameda, CA


Good information for buyers who have not yet spoken with a mortgage broker.  The contest is good for all of us because we are answering questions that our clients have for us, realtors, lenders, inspectors, flooring girls and stagers all have questions their clients ask them.

May 16, 2012 12:48 PM #3
Dagny Eason
Dagny's Real Estate - Wilton, CT
Fairfield County CT, CDPE Homes For Sale and Condo

George - Great idea for a blog contest, and you are the most qualified of all to enter.    Thanks for the great outline, so all of our clients will know.

May 16, 2012 12:54 PM #4
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource
George, I'm going to check out this contest right away. As for this post... I may have to give my clients the link to this post...very informative.
May 16, 2012 12:59 PM #5
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Very well done George. If only more folks in our industry knew their job as well as you do, there would be far less issues and we would now have much fewer regualtions. Outstanding!

May 16, 2012 10:02 PM #6
Barbara Altieri
RealtyQuest, Fairfield and New Haven County CT Real Estate - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

George -- Good question and great answer.  I get asked this frequently and give them basically a summary of what you said then tell them to speak with their lender asap. Can't go out shopping until you know what you can spend.

May 17, 2012 10:31 AM #7
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

George this will be a great resource for first time buyers.   I like the way you present the information;  it is easy to grasp.

May 20, 2012 01:16 PM #8
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George Souto

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