What is a Pre-approval Letter?

A mortgage pre-approval is based on your credit, income and assets that are verbally disclosed at the time of pre-approval. While we are expressing a desire to fund or broker a mortgage based on your credit and income, this does not constitute a commitment to lend and your application has not yet been approved.  This pre-approval letter simply provides the real estate agent or seller the written pre-approval they need to begin the process.  We have reviewed your credit and income documentation, or that you verbally disclosed to us, and that upon that review with the information provided, we are able to pre-approve you based on that information.

In order to successfully close your loan, you will need to provide current pay stubs, W-2’s and tax returns if required.  Final approval is contingent upon all underwriting guidelines being met.  Such as:  review of an acceptable appraisal (equal to or greater than the purchase price) and title search, all income and assets verified, as well as any other condition an underwriter may note.

  I can get you pre-approved today, in a matter of minutes!

So give us a call today at 757-552-700 or toll free at 1-800- 882-0066            

These are some of the things you can do to stay qualified, when you are applying for a mortgage to refinance or purchase a home. Here is a list of do not's. 1. Do not change jobs or decided to become self employed. 2. Do not buy a vehicle. 3. Do not charge on a credit card or get passed due on a payment. 4. Do not use any of your down payment money for other matters. 5. No furniture until you own the home. 6. Do not apply for any credit cards. 7. No large deposits into your bank account. 8. Stay with the same bank during your processing time. 9. No co-signing for anyone on a loan.10. Simply do not buy anything till after closing your loan. Give us a call to qualify for your home loan at 757-552- 7000 or 1-800-882-0066.

Interest Rate Reduction Refinancing Loan

Department of Veterans Affairs VA Streamline Refinance.  The VA "streamline" the Interest Rate Reduction Refinancing Loan or IRRRL.  The advantage for a Veteran is to lower their rate or with adjustable rate to get a low fixed rate.  Some of the benefits of the streamline is no appraisal required, in some cases reduced credit score standards, no income proof, no out of pocket costs, and an opportunity to defer up to two payments.  Appraisal may be required in the near future, so let's get started  with a call to 757-552-7000 or toll free at 1- 800-882-0066.

Consumer Mortgage & Investment Corp. has a program that is not score driven.  Even with marginal credit  we can help you.  We do need the income proof to show the ability to pay back the loan.  We can loan up to 50% of the appraised value of the home.  This loan helps you to get back on track to solve your credit issues With a good mortgage payment history for 12 months and all other credit issues in order, your score should be in place to refinance for better terms.  Give us a call at 757-552-7000 or toll free at 1-800-882-0066. .