NFM Lending is proud to announce that as a part of our effort to better serve the Hispanic community, our online loan application is now offered in Spanish. All Mortgage Loan Originators websites now feature the option to complete the loan application in English or Spanish. Simply click on the Apply Now tab on the website of your preferred Mortgage Loan Originator and choose between English and Español. This feature will allow our Spanish-speaking clients to have a smoother and more streamlined homebuying experience.

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If you are ready to begin the homebuying process, click here to get started!

Recently, we talked about the third step in the home purchase process: finding your home. Once you have found a home you want to buy, the next step is to apply for your home loan. This is the time to assemble and submit all of your financial information and documentation to your lender for evaluation.  Your Mortgage Loan Originator will help you figure out what documentation you need to provide, and ask you questions about your financing, so that you can submit the best possible loan application.

Ensuring a Successful Loan Application
Once it’s time to apply for your loan, your Mortgage Loan Originator will request the following from you:

Jennifer Cook, an NFM Lending Branch Manager in Louisiana, says that the most important thing to remember when applying for a mortgage loan is to be completely honest with your Mortgage Loan Originator.

“Things like child support, side business income or loss, etc., that are not disclosed upfront can create issues down the road. It is critical to provide all requested documentation in a timely fashion at application.”

Navigating the Loan Application Process
The process of applying for a loan may seem complex and even overwhelming. According to Jennifer, one of the keys to a successful loan application is to work with reliable professionals that you trust.

“Make sure you are working with a lender and a real estate agent who you know and trust.  Many people are seduced by super low rates advertised online, but when it comes down to it, a loan originator who gets all their leads via the internet or an 800 # doesn’t really care if you settle or not. They have no relationship with you personally or your agent.”

Working with knowledgeable real estate and mortgage professionals will help you greatly during the home purchase process. Your Mortgage Loan Originator can help you navigate what may seem like a confusing process, and help you make sure your loan has the best possible chance of being approved.

If you have any questions about applying for a mortgage loan, contact one of our licensed Mortgage Loan Originators. If you are ready to apply for a mortgage loan, click here to get started!

If you’re looking to purchase a home, the first thing you should do is obtain a pre-qualification. A pre-qualification can help you have a stress-free purchase transaction by letting you know how much home you can afford. Also, Real Estate Agents and even sellers often will only work with pre-qualified buyers.

What is a pre-qualification? A pre-qualification is a preliminary determination on whether the prospective loan applicant would likely qualify for credit under an institution’s standards and the amount of credit for which the prospective applicant would likely qualify.

What is the pre-qualification process?

Before taking a formal application, the prospective borrower will need to submit a pre-qualification request form or provide the following information to the Mortgage Loan Originator:

  1. Borrowers’ social security numbers
  2. Borrowers’ dates of birth
  3. Borrowers’ email addresses
  4. Borrowers’ phone number(s)
  5. Current address
  6. Previous address if in current residence for less than two years
  7. Employer name and address
  8. Previous employer name and address if at current job for less than two years
  9. Gross income amount
  10. Asset information (value of banking, investment, retirement, etc.)
  11. Current expenses (housing, credit card and loan payments, etc.)
  12. Current obligations
  13. Current market value of primary residence, if it is owned by borrower
  14. If refinancing, borrower also provides:

Year home was purchased

Original home purchase price

Total outstanding balance of all loans secured by the property

Estimated property value

Amount borrower would like to borrow

Once all the above mentioned items are submitted to your Mortgage Loan Originator, he or she will take all the items and enter them into a loan origination system (LOS).  Then, he or she will review your expenses, debt, and potential down payments to determine how much house you can afford. After a loan amount is determined, he or she will advise you on your loan options.  Please note that depending on your situation other documents may be needed.

If you have any questions on the pre-qualification process or would like to talk to a Mortgage Loan Originator, please click here.