What information is needed to get pre-qualified?

Getting pre-qualified starts with either using our online link or calling the MTG Family Mortgage offices and sharing information such as your employment, savings, etc.  Then, our head loan officer and certified mortgage advisor, Michael Gonzales, reviews the information to see what loan programs are available for you and/or which you qualify for.  Based on that information, Michael puts together custom loan program options then reviews this information with you in detail so you can choose the loan that best fits your needs.  After a conversation with Michael on these findings, he will issue you and your real estate agent a pre-qualification letter.  This letter includes the loan program you have been pre-qualified for and is your ticket to making an offer on a home you would like to purchase.  

Additional personal information such as where you currently live (or addresses where you have lived the last two years), social security number(s) to pull credit, a full two years of employment, and income history are needed to be pre-qualified.  We also need liquid asset information (approximate amounts of what you have in your savings, checking, 401k’s, retirement accounts).  

For commission employees or self-employed borrowers, there are a few extra steps that you will need to take to get pre-qualified.  For self-employed borrowers, you will need to submit your last two years tax returns.  For commissioned or variable income employees, we will also need to calculate a two-year average of your income.  This can be done by signing an authorization that allows us to obtain verification of employment from your employer or by providing your most current paystub as well as the last two, year-end paystubs for the previous two years.