What Mortgage Requirements Do You Need to Qualify?

The requirements around a home loan can change depending on where you're buying, which program you're using, and your home ownership history. There are a variety of factors that can impact your mortgage decision process, and choosing the right lender can help make it go as smoothly as possible.

Find out what type of mortgage works for you

If you’re serious about buying a home, getting a pre-approval from your lender is a great place to start. A pre-approval will give you in-depth insight into how much home you can afford and what your expected housing costs could be. If you’re thinking about refinancing, your lender can help you determine the best option to meet your financial goals.

For both a purchase or refinance transaction, your loan officer will order a credit report and request documents from you.

Be prepared to provide several documents related to your employment and finances, which can include:

  • Tax returns
  • Pay-stubs
  • Bank statements
  • Documentation on your rental history
  • Gift fund documents (if you plan to use a gift to help finance the home)
  • And more!

If you are self-employed, it’s likely that you will need to provide additional documents to verify your income. Your loan options and mortgage guidelines could vary by lender, but most will have a similar list of documents they need to review in order to determine your eligibility.

Things that can determine which loan programs you qualify for:

  • Your debt-to-income ratio
  • Your income and employment history
  • Your down payment amount
  • Your credit score
  • Whether or not you’ve served in the military

It’s always smart to shop around for your home loan options before you commit to a lender. After conducting an analysis of your financial and employment background, your loan officer will recommend a loan program.

The lender’s mortgage process

After you decide to move forward with a loan program, you may be asked for additional documentation. The loan officer will order an appraisal on the house to determine its value and make sure it’s worth what you’re paying, and then the loan will move to underwriting to ensure that your loan application fits the program guidelines. If the loan is approved, pre-closing conditions may apply, which could require you to provide even more information, such as payoff of other liens or debt. After these steps are complete and finalized, you’re ready to close!

Talk to our team at Bellco Home Loans today if you want to learn more about our mortgage offerings. Whether you want to purchase or refinance, we would love to talk about how we can support your home ownership goals.

Who is Bellco Home Loans?

Bellco Home Loans is a collaboration between Bellco Credit Union and Cherry Creek Mortgage, an independent mortgage lender that’s been helping families attain home ownership for over 30 years. Bellco Home Loans was born from a desire to provide a premier mortgage experience for Bellco’s members by partnering with a leading, locally-owned mortgage company with an established reputation in the community.

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