Factors that affect your financing:
• Debt-to-income (DTI)* ratio
*Debt-to-income ratio is monthly income debt/expenses divided by gross monthly income.
Your credit score is a numerical representation of your statistical likelihood to repay the credit that is extended to you. A credit score is a snapshot of a specific moment in time but can and will change with new actions and the passage of time.
Expect the lowest possible interest rates and best terms in the below range
Very Good: 750-799
You will be eligible for most loans with good rates in the below range
Only secured loans are given for people in the below range
Very Poor: 300-599
*Fairway is not a registered or licensed credit management service provider
Step 1: Initial Consultation
This consultation covers:
Step 2: Pre-Approval
A pre-approval* is based on a preliminary review of credit information provided to the lender and signifies that you’ve done an application and provided the necessary documentation. This lets sellers know you’re serious about purchasing a home.
*Pre-approval is based on a preliminary review of credit information provided to Fairway independent Mortgage Corporation which has not been reviewed by Underwriting.
Final loan approval is subject to a full Underwriting review of support documentation including, but not limited to, applicants’ creditworthiness, assets, and income information, and a satisfactory appraisal.
Step 3: Processing
After you have completed a loan application, your loan file is submitted to the loan processor.
Step 4: Underwriting
The underwriter reviews your loan file to ensure all guidelines are met for the specific loan program and issues a loan decision.
Once your mortgage has been approved and all conditions have been cleared, your loan is moved to “Clear to Close” status.
Step 5: Pre-Closing
You will receive a loan commitment letter that contains details of your loan, including:
Once everything is cleared by the underwriter, our closing department will complete your final documents.
Step 6: Closing
During closing, you will sign a variety of final documents.
Be sure to bring:
From there ta-da – CONGRATS! You are now a homeowner!