The first steps in the home loan process is to get pre-qualified for a mortgage. Apply online to submit your information to one the top mortgage lenders in Dallas. (Yes…we’re talking about ourselves). The next step after your pre-qualified is to submit your supporting documents so you can get pre-approved.
Before you get pre-qualified you need to know that it takes 15 minutes to submit, we have a team email, and the Mortgage Mark Team is great.
- Spend 15 minutes max
- It’s free
- There’s no obligation
- It won’t hurt your credit (see our credit overview section)
- It’s valid for 60 days (or until something changes)
- Add your spouse and anyone else on the loan
Spend 15 minutes max
If the loan app takes more than 15 minutes then you’re trying to hard. We want the basics in the loan application: names, birthdays, social security numbers, where you work, how much you make, etc.. The loan application is silly and ask dumb, granular questions. In short, if you don’t know the information off the top of your head then skip the question.
Mark + Team = Service
Mark “jokes” that the Mortgage Mark Team does all the hard work and he takes all the credit. The truth is, the team is awesome and will be your day-to-day contact and you’re not not losing a Mark, you’re gaining a team. Mark’s cell phone is 972.898.2595. Please call, text, or email Mark if at any point you have a questions and/or want to provide any feedback about the team or the process. The old mantra “it takes a village” is applicable to mortgages.
The team email is MortgageMark@HomeBridge.com and everyone monitors it. Don’t be surprised if you email one person with a question and someone else responds on their behalf. Our primary goal is service and we want to provide answers quickly.
Floify doc portal
We use a secure document portal called Floifly.com. Once you’re ready to send in documents to get pre-approved we’ll initial an automated invitation email for you to sign up on Floify. Please note that Floify will be sending you automated reminders when documents are outstanding.
There are three stages to applying for a mortgage loan. Each step is outlined in greater detail down below (after the 4 Things to Know).
- Submit Online Loan Application
- Review Application (via phone)
- Pre-Qualification Letter Issued
1. Submit application
First, submit an online loan application. It should take 15 minutes and comes with zero costs or obligation. Upon receipt we will create a mortgage profile, pull a credit report, and call you to review the details and discuss the next course of action so we can issue a Pre-Qualification Letter.
2. Review application (via phone)
Secondly,we will call you upon receipt of the mortgage application. We will review it in detail, answer your questions, and (assuming all goes well) get you qualified for a mortgage. This should take about 20 to 30 minutes. We will pull your credit once the online loan application is submitted. Another resource is our credit overveiw page; it contains details about credit scores and how they impact your interest rate.
3. Pre-Qual letter issued
Finally, a Pre-Qualification Letter (PQ letter) is the precursor to a Pre-Approval Letter and is issued by the lender. The PQ letter provides proof of the Buyer’s ability to obtain financing and outlines the details of the mortgage loan. Sellers want to know that they are working with qualified buyers before they accept an offer and take their home off the market and the pre-qual letter provides that assurance.
Below are the most common questions asked when getting pre-qualified for a mortgage.
Does applying for a home loan hurt my credit?
Answer: No. It does not hurt your credit scores when your credit is pulled to get pre-qualified for a mortgage home loan. Think about it this way: the credit bureaus don’t want to discourage consumers from being informed consumers and exploring options. You credit scores can be adversely impacted for multiple inquiries and credit pulls for revolving credit (i.e. opening multiple credit cards). Check out our do’s and don’ts and credit overview regarding credit pulls.
Should I provide my spouse’s information?
Answer: Yes… Maybe. Some loans, like FHA, do require a spouse’s debts be considered in qualifying for a mortgage home loan (in community property states like Texas); therefore, we do recommend submitting a spouse’s information when get pre-qualified for a home loan. That said, we are able to remove a borrower with the click of a button if we do not need or want your spouse to be on the loan.
How much does a pre-qualification cost?
Answer: Zero – it’s Free. There is no cost and no obligation for getting pre-qualified for a mortgage home loan. We incur the cost of the credit report and are happy to do so for the opportunity to earn your trust and confidence to become your Mortgage Professional of choice.
How long is a pre-qualification valid?
Answer: 60 Days. A pre-qualification letter is typically valid for 60 days; however it can become invalid if any significant factors should change (such as a decrease in credit scores, loss of employment, a reduction in assets, etc.). To update a pre-qualification requires that the lender pull another credit report and update the loan application information.
Answer: Get Pre-Approved. Once you’ve submitted your loan application then next step is to submit your supporting mortgage documentation to get pre-approved.
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