Q: How much of a monthly payment can you afford? And given your unique credit and employment history, income and the amount of debt you have, how much will a lender loan you?

These questions are just the beginning of the process.  As the mortgage broker, it's our job to determine the maximum loan amount the lender will allow you to borrow.  Your income and outstanding debt are the primary factors that determine the final loan amount available to you. 

After we have completed a loan application and accessed your credit report, we submit your application to an underwriter for pre-approval.  You do not need a specific property address at this time.  The underwriter will review the application, along with your credit report and determine if you meet standard lending guidelines. 

To speed the process, please provide LA Lending with a current paycheck stub, last 2 years W-2's (Tax Returns if Self Employed or Paid on Commission), and asset information included in the application. 

Once the underwriter has approved your application, LA Lending will issue you a        Pre-Approval letter to be submitted with any potential purchase agreement and an additional copy will be issued to your realtor.   

Many realtors are now requesting pre-qualfication letters upfront from potential buyers to make sure they're locating homes in a price range suitable to your needs.

Purchase: Once you've found your dream home and have an accepted offer, it's time to complete the loan application.  LA Lending will contact the appraiser and title company on your behalf and facilitate the rest of the closing process. 

Refinance: LA Lending will contact an appraiser and the title company on your behalf and facilitate the rest of the closing process.  **If the refinance is to pay off debts not associated with the initial mortgage, please provide statements on the accounts to be paid off. 

A closing will be scheduled at the title company to execute all loan documents.  A title attorney and your loan originator will be present to answer any questions that arise.