Gateway Mortgage Group

2009 Longwood Lake Mary Road 

Longwood, Florida 32750

(407) 321-4066 x101

APPLY ON-LINE AT:

www.GroupGateway.com

Gateway Title & Escrow Group

2009 Longwood Lake Mary Road 

Longwood, Florida 32750

(407) 321-4066 x103

www.GatewayTitleGroup.org

Gateway Real Estate Group

2009 Longwood Lake Mary Road 

Longwood, Florida 32750

(407) 321-4089

LINK: GatewayRealEstateGroup

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MORTGAGE TERMS

There are three basic steps to the mortgage process:

• Pre-qualification
• Pre-approval
• Closing

PRE-QUALIFICATION:
This is logically the first step in the mortgage process and is relatively simple to achieve. To be pre-qualified, expect to furnish the following information:

• Your full name and that of any co-borrower such as a spouse.

• The complete address of your residence(s) for the last 2 years and the name and address of your employer(s) for the same time period.

• Your gross monthly income(s) and your social security number(s).

I will be able to then look at your credit report, verify with you the accuracy of the information it contains, and calculate your debt to income ratios to determine how much you can afford in a mortgage payment. You should be told at this point what the amount of your down payment, closing costs and monthly payment will be based on the mortgage you qualify for. I will then provide you with a letter of Pre-Qualification to show your realtor and the sellers of property you may be interested in.

PRE-APPROVAL:
During this second step of the mortgage process, you will be asked to provide documentation to support the information you gave during pre-qualification. This information is used during the final underwriting process of your mortgage loan application. While this information may vary slightly depending on your loan type, you can expect to provide the following documentation.

• Your last 2 months bank statements

• Your last 30 days pay stub showing year to date earnings and your last year's W-2 form(s)

• Written explanations of any credit deficiencies and recent credit inquiries.

• If self-employed, your last 3 years business and personal income tax returns.

• Copies of any divorce decrees, bankruptcy discharge papers and/or judgment satisfactions.

• A copy of your fully executed sales contract for your new home.

With this information, in addition to other documents required by the Lender and the Federal Government, I will submit your loan package for underwriting. Based on the underwriting findings, your I will receive a conditional approval along with any other documentation the Lender requires.

CLOSING:
This is the procedure during which all legal documents are signed transferring the ownership from the selling party to you. You will be advised in advance of the scheduled time and place and what the final amount of money will be required to close your loan. You will bring a Cashiers Check or similar Bank Draft with you, sign the papers, give the Closing agent the necessary settlement funds and you will receive the keys to your new home!