Professional Mortgage Services

Prequalification is an early step in your home buying journey. At Mortgage Leaders  when you are being prequalified for a home loan, you’re getting an estimate of what you  might be able to borrow, based on information you provide about your finances, as well as a credit check. Prequalification is also an opportunity to learn about different mortgage options and work with your lender to identify the right fit for your needs and goals.  The most common documentation you will need for a pre-qualification are: 

•  Copies of pay stubs that show your most recent 30 days of income 
•  Credit check 
•  Bank account numbers or two most recent bank statements 
•  Down payment amount and source 
•  Tax information required, W-2 statements and signed, personal and business tax returns from the  past two years 

The benefit of a pre-qualification is that you can start house-hunting knowing how much  you might be able to borrow. You will be ready to make an offer with confidence—and  gain a competitive advantage.

Streamline refinance refers to the refinance of an existing FHA-insured mortgage  requiring limited borrower credit documentation and underwriting. "Streamline 3 refinance" refers only to the amount of documentation and underwriting that the lender  must perform, and does not mean that there are no costs involved in the transaction.  The basic requirements of a streamline refinance are: 

• The mortgage to be refinanced must already be FHA insured.
• The mortgage to be refinanced must be current (not delinquent). 
• The refinance results in a net tangible benefit to the borrower. The definition of net tangible  benefit varies based on the type of loan being refinanced, and the interest rate and/or term of the  new loan. 
• Cash in excess of $500 may not be taken out on mortgages refinanced using the streamline  refinance process. 

 If you currently have an FHA mortgage, the FHA Streamline Refinance is the easiest  way to get a lower rate and monthly payment. FHA Streamline is a “low-doc” refinance  with limited paperwork required; the lender doesn’t have to verify your income or credit,  and there’s no home appraisal. That means a Streamline Refinance closes faster than  other loans and has slightly cheaper closing costs.