This article is usually for first time home buyers when you plan to get a pre-approval
or mortgage. If you want to do a refinance, I will hope you will find it helpful as well.

We will need your one month paystub, 2 month bank statement, last two years w2
for the review to see how much you can qualify. We will usually ask your dollar amount
and/or the down payment percent for the down payment. I usually ask for the dolloar
amount. We will help to find how much you will qualify for the loan.

2)Check Credit Scores.
We recommend the borrowers to check the credit before searching for a house. The reason
is simple, we can fix the credits if there are any surprises, and we can also decide to
use either one income or two income at the application. And we are surprised that some
spouses do not have credit history since only husband or wife use the credit cards.
We need to have at least three trade lines.

3)Income and Assets For the Loan Qualification.
Please click here for more detail Info.

4)For Purchase, find a realtor to get you the best deal.
You can save more money on the good deal than the good interest rates.
Try to figure out the area, the school districts for your dream home.

5)Get the basic idea about the closing cost. Some cities do have city transfer taxes.

6)Shop Around for the rates. Ask for Good Faith Estimates.

7)The Loan Agent will submit the loan to the lender. They may require any
of the following:
a)Letter of Explanation of the Credit Inquiry in the past 3 months.
b)Letter of Explanation of extra SSN on the credit reports.
c)Letter of Explanation of the purpose of the cash-out refi(for cash-out refi only).
d)Letter of Explanation of the late credit card payments in the past years.
e)Verification of Rental
f)Verification of Mortgage
g)Verifictaion of Employment
h)Explanation of the large deposits.

8)Shop around for the Hazard Insurance.
Even if you purchase a condo, and HOA has master insurance, the lender may requires
HO-6 insurance.

9)Please let the agent know if you have business or personal vacation plan
ahead of time. Power of Attorney maybe needed.

10)Prepare the funds for the closing. The recording can be the same day or the next day.

11)If you are purchasing and currently renting, please leave some cushion time since your loan may delay.


1288 Kifer Road Suite 208
Sunnyvale, CA 94086