Question: Do I really have to provide all this paperwork JUST to pre-qualify for a mortgage?
Carrie: As a homebuyer in today’s real estate market, it may feel a bit like we’re asking for a whole lot more than you feel we should need to know (and it isn’t as bad as the picture suggests).  Let me ask you, if you were borrowing someone $150,000 for Burnsville real estate, what would you want to know about them?  Maybe you’d like to know where they’ve lived for the past couple of years (do they move around the country often without explanation or have they stayed local, perhaps Scott or Dakota County all their lives) and whether or not they’ve paid rent or their current mortgage on-time? What about whether or not they’ve paid back their other obligations on time, like credit cards or auto loans? Maybe you’d like to know that they’ve had a job for a couple of years and that there income has been stable? How about that they have a little bit of “skin in the game” by way of their own money for some down payment and possibly a little bit of money in the bank to fall back on in case of an emergency or, heaven forbid, they become one of the 10% of the nations currently unemployed?
That’s really what we’re asking for – it just takes a little bit more documentation today to prove it and, depending on your situation; whether you’ve moved around from one job to another, had multiple places that you’ve lived, been recently married or divorced, moved money around or had a few bumps in the road with regard to your credit. Unfortunately, those changes may mean more documentation. Sorry. It’s simply what it takes. If you are wondering how to get a mortgage, follow these simple steps from Cornerstone Mortgage Company as you prepare:
• Don’t throw away any financial paperwork
• Keep everything that you’re collecting and providing in an easily accessible file.
• Do your best to not make any financial changes unless absolutely necessary.
• Start the approval process early, talk to Cornerstone Mortgage Company before you go looking at homes.
• If you’re fearful about any part of your financial situation, let your lender know! Dust off those skeletons in the closet!

Would you like to learn more about how to qualify for a mortgage? Contact Carrie Guarrero Today!

Carrie Guarrero is producing Regional Manager and Vice President of Cornerstone Mortgage Company in Burnsville, Minnesota. If you are looking for Burnsville real estate, contact Carrie first!