New Search
If you are not happy with the results below please do another search
Blog Post
What is verification of income and assets? We're provided a short answer for you in this post...but we'd be happy to tell you more. At Garden State Home Loans, we're a leader in New Jersey when it comes to helping people buy or refinance their home...reach out to us today to find out more. About Verification of Income and Assets In order to get pre-approved for a mortgage, a mortgage lender will need to verify your income and assets. This will help to determine how much of a mortgage you can afford. It will also help determine what your interest...
read more →
Blog Post
Do you need to choose between pre-approval vs pre-qualification? The two sound similar in nature, but there's an importance difference between them that you should be aware of when buying a home. Pre-Approval vs Pre-Qualification - The Difference Pre-approval is not the same thing as a pre-qualification. Pre-qualification is the first step in the mortgage process. During this step, you are giving a bank or lender an overall financial picture. This includes your income, assets, and debt. After evaluating your situation, the lender can give you an idea of what you qualify for. However, this is not a guarantee! This...
read more →
Blog Post
Pre-approval Letter Expiration A pre-approval letter is a conditional agreement that states how much of a home you are able to afford. It states that you qualify for a given loan amount at a given interest rate. Since mortgage rates change daily (or sometimes even hourly!), lenders often make the pre-approval letter valid for a certain period of time to lock you into a rate. Pre-approval letters are especially important in competitive markets, as it shows the seller you are serious and ready to buy. How long is a pre-approval letter good for? Pre-approval letters are typically valid for anywhere...
read more →
Blog Post
The mortgage application process can be both a difficult and a confusing process, but it can also be an incredibly rewarding one. Consulting with a lender and receiving pre-approval for a mortgage loan is the first big step towards becoming a homeowner. What is Pre-Approval? To obtain pre-approval for a mortgage, borrowers must undergo a period of close scrutiny from a lender. The lender evaluates the borrower's financial situation to determine how much they can borrow, what loan programs they might qualify for, and the appropriate interest rate offerings. During this process, lenders consider factors such as credit score, employment history, place of residence, monthly...
read more →
Blog Post
Searching for a home can be a long and arduous process, but finally discovering that perfect house or apartment makes it all worthwhile. Once you've found your new home, however, there's a few things you should consider. This article discusses the steps you can take after finding the home of your dreams. Steps to Secure Your Dream Home: 1. Buy or Rent? Before signing off on a contract, consider the pros and cons of buying or renting your new home. Some important factors to consider: Price: How much you are willing spend will impact your decision to buy or rent a...
read more →
Blog Post
Need to work through the mortgage application process but not too interested in finance as a hobby? Here's how to speed-up your mortgage application process and reduce down-time: 1. Gather Your Information Applying for a mortgage requires you to put a lot of information out on the table. Some of the documents you'll need include: tax returns, pay stubs, bank statements, and proof of homeowners insurance. It is important to begin collecting this information well before you initiate the mortgage application process. Having everything ready will ease your lender's job as they won't have to wait for you to gather information or...
read more →
Blog Post
Some Tips on How to Choose a Mortgage Lender Finding a mortgage lender can be a difficult process, but one of the things that you need to get right. To start your search, get recommendations from others. An easy way to start your search is by asking trusted who they use. At this phase, collecting as much information as possible will help make finding a mortgage lender a lot easier. Ask questions like, “Are you satisfied with your mortgage lender?” or “Do you know of any mortgage lenders with good reputations?”. You can also call your real estate agent for insight into these questions. Research...
read more →
Blog Post
When getting pre-approved, there are some documents that you might be asked for. Documents needed for a mortgage pre-approval: Proof of Employment: A mortgage lender might want to see a list of employers for the past two years, maybe longer. In addition to the name of your employer, a lender will want to see a mailing address and phone number. This helps the lender see your ability to repay the loan. Proof of Income: Proof of income is used to validate your income. This can come from your two most recent pay stubs, or an electronic equivalent, that shows your...
read more →