Whether you have moved to Alabama from another state or you are planning to shift from peripheral to central Alabama, getting your dream home will definitely be on your tasks list. And for that, you will need the assistance of some of the best mortgage companies, Wetumpka.
PierPoint Mortgage is one of the top mortgage companies in Wetumpka, AL, and has decades of experience. We have assisted a lot of dreamers in purchasing their first homes.
But our services are not exclusive to first-time home buyers! Whether you are trying to get to buy your fifth house, an adept mortgage broker from our team will be by your side. Your search for reliable Mortgage brokers Wetumpka and lenders end with us,
As a full-service mortgage lender, Wetumpka, AL, we extend the following mortgage products:
Once you have completed all the formalities and shared all the required information/documents, the whole process will be a breeze. Therefore, before we jump into the loan process, we must understand the requirements.
As a responsible Mortgage Broker, Wetumpka, Al we have jotted down the important requirements.
Requirements for Pre-approval in Wetumpka, Alabama
A mortgage lender will need some documents from the applicants, as those documents are integral to the loan process.
You’ll need five things to get pre-approved for a mortgage: proof of assets and income, good credit, employment verification, and other documentation your lender may require.
The following information will help you prepare for the pre-approval process and ensure you are ready to submit everything you need.
As a general rule, buyers must provide the two most recent years’ tax returns and W-2 wage statements from the past two years. Also, a recent pay stub showing income for the year and any additional income, such as alimony, will be required.
Evidence of Assets
To demonstrate cash reserves and funds for the down payment and closing costs, the borrower needs to provide bank and investment account statements.
Down payments vary by loan type and are expressed as a percentage of the sale price. Private Mortgage Insurance (PMI), mortgage insurance premiums, and funding fees are commonly required for most loans unless the buyers put down 20%.
According to the type of loan, pre-approval is also based on the buyer’s FICO credit score, Debt-To-Income ratio (DTI), and other factors, such as a down payment. Rest you can anytime take the required knowledge from our mortgage brokers, Wetumpka.
Except for jumbo loans, all government-sponsored enterprises (Fannie Mae and Freddie Mac) follow the same guidelines. Loans designed for first-time buyers and low-to-moderate-income homebuyers include Home Ready (Fannie Mae) and Home Possible (Freddie Mac).
U.S. Veterans, service members, and not-remarried spouses are eligible for VA loans, which require no money down. It may be necessary for a buyer who receives money from a friend or relative to provide a gift letter to prove that the funds are not a loan.
Good Credit score
FHA guidelines allow approved borrowers with a score of 580 or higher to pay as little as 3.5% down on a conventional loan. Some top lenders even require a FICO score of 620 for a Federal Housing Administration loan. The down payment for those with lower credit scores is higher.
Verification of Employment Status
Borrowers with steady employment are more likely to be approved for loans by lenders. Additionally, lenders will likely call an employer to verify a buyer’s employment and salary in addition to looking at pay stubs.
It will be necessary to provide significant documentation concerning the business and income of self-employed buyers.
A number of factors are considered by mortgage companies in Wetumpka, AL, when approving a mortgage for a self-employed borrower. These include the borrower’s income stability, the borrower’s business location, nature, and the market for the product or service offered by the business. Further, the financial strength of the business and whether it will continue to generate and distribute sufficient income to enable the borrower to make mortgage payments are also taken into consideration.
Self-employed borrowers must submit their two most recent tax returns, complete with all schedules.
Borrowers must provide their driver’s license and Social Security number to lenders so that lenders can pull their credit history. You will have to provide additional paperwork (as soon as possible) to the lender during the pre-approval session.
Complete Mortgage Process
The complete mortgage process can be simply divided into four steps, but remember, you do not have to go through those steps alone! PierPoint Mortgage, the best mortgage lender, Alabama, will be with you at every step.
First Step: Submit Your Application
Fill out the loan application, for which you need to submit several documents. Since mortgage requirements and documentation requirements can vary from one lender to another, it is a good idea to have all the basic documents in order.
Submit the loan application and the required documents, or copies thereof. You may qualify if you are eligible based on the information provided.
Second Step: Wait For the Loan Estimate
Once you have uploaded all your documents for review, you will have to wait to confirm your loan eligibility and the expected loan amount. Please be patient, as the review may take at least 3 days.
Third Step: Provide More Information
Most Wetumpka mortgage companies may ask for additional information during the application process, so you should respond quickly. There will also be a home appraisal that will be necessary to match your financing needs and the sale price of the home.
The home mortgage in Wetumpka is determined on the basis of this analysis. Also, your debt levels and overall financial situation can affect your mortgage eligibility.
Fourth Step: Closing
After the final appraisal, if everything goes well, the lender will prepare for closing. It will share all the documents and procedures of the loan, and you should read it carefully. If you agree with the terms, proceed with preparing the down payment and final payment. Once you pay this, your loan process will end.
Looking For Expert Mortgage Lenders in Wetumpka?
If you are trying to purchase a new home in the city, get in touch with the best mortgage lender, Alabama today. Contact PierPoint Mortgage and get a free consultation today.
I needed a mortgage broker and I found PierPoint Mortgage near me. I'm really glad I chose them! They explained the process to me step by step and made sure I understood everything. They got me a great rate and I closed on my house very quickly. I would definitely recommend them to anyone looking for a mortgage broker.
06:07 27 Oct 22
I owe a great deal of gratitude to the mortgage loan officers at this business for assisting me in obtaining approval for a conventional loan. I can't express enough gratitude to them for their help and service, which made all the difference. They helped me, and now I'm looking forward to a prosperous future.
12:01 21 Oct 22
I guess I had a lovely experience with them. Met them at my friend’s suggestion 2 months ago to enquire about VA loans. Nice staff and helping community. Was worried about the duration of loan approval but all went so perfectly. Got a good discount too!
11:12 13 Oct 22
It was a new experience for me to get a reverse mortgage online from them and really they were quite helpful.
07:17 13 Oct 22
Working with them has been a wonderful experience for me. They were recommended to me by a friend, and his crew has been incredibly helpful throughout the entire mortgage application process.
04:48 11 Oct 22
I am very happy with this loan provider who has never failed to deliver on their promise of quick application and instant approval loans. They always let me know about the status of my home loan so I feel very comfortable with them.
10:56 22 Nov 21
Very quick, an extremely simple process and friendly staff. They don't mind if you have to contact them to go through the process with you. Having never done anything like this before, I was pleased with how effortless it was, and the terms and conditions are very good. This is certainly one the best mortgage companies.
12:03 03 Nov 21
I was approved for an FHA loan by these best mortgage lenders. They assisted me with paperwork and application submission.
08:50 21 Jul 21
A mortgage company that's great in Wetumpka. They are quick, efficient, and responsive. Regardless of the situation, these people will give you the best advice according to your needs. My sincere thanks go to PierPoint Mortgage.
21:02 17 Jun 21
It was simple and easy to contact PierPoint Mortgage. They have been very polite and reliable over the call. I wanted to get a USDA loan and that too in very less time. Though they provided the best mortgage service and I am happy!
21:11 17 Mar 21
Being a first-time home buyer, the process can be intimidating, discouraging and even frightening at times. But Shannon did an amazing job! I’m so thankful to him for not only being very knowledgeable about his job but also being personable, courteous and genuine! A great experience as a whole! Thanks so much!
07:16 17 Dec 19
I felt so lonely and bored in my early retirement and finally decided to travel the United States to see my kids and grandchildren. My bank account however disagreed! I got a quick and very agreeable reverse mortgage with Pierpoint Mortgage and I'm happy to say I am in my RV right now and on my way to see more of my grandchildren and living my life to its fullest!
12:04 21 Nov 19
Shannon is always very helpful and found us just the rate and terms we needed, we will definitely be giving him a call next time we need Mortgage advice
12:20 18 Nov 19
Always very welcoming and friendly. Everyone at PierPoint Mortgage gave us all the time we needed for not having any questions or doubts for our choice.Shannon was keeping in touch all that time inform us about the progress of our papers. Highly recommend this place.
12:47 13 Nov 19
Thanks to PierPoint & Team for all their efforts. Shannon was awesome at his job! Lots of industry knowledge and energy. If you are looking for a mortgage guy---look no further, he's your guy to get the job done. I have no hesitations on my referral of Shannon.
13:08 12 Nov 19
Shannon did an amazing job in assessing my previous mortgage terms and conditions. Gave honest and sincere advice in all aspects. I'll always head towards PierPoint now onward whenever need arises.
Eden louise Arenas
11:17 12 Nov 19
Working with Shannon and his team was effortless. I didn't need to repeat things to make them understand. They solved my problems in no time and specially Shannon was engaged with me throughout.
13:54 05 Nov 19
I really enjoyed working with Shannon these past few weeks! He was very professional but also very friendly. They really did a great job working quickly and someone always picks up the phone!
21:45 27 Feb 19
Everything was done over the phone and through email, PierPoint Mortgage made the process of getting a house seem effortless.
19:44 23 Jan 19
Great Mortgage Broker!
21:40 17 Jan 19
PierPoint Mortgage is a great broker! They were easy to contact and processed my home loan fast!
18:42 17 Jan 19
This company goes above and beyond for their clients. They were with me every step of the way when I was in the process of purchasing my first home. I am so greatful I chose them as my mortgage broker! Thank you so much Shannon and team! I LOVE my new house!
19:29 16 Jan 19
Have Some Questions? We Are Always Here To help!
What company holds the most mortgages?
It is not publicly available which company holds the largest mortgages in the US. But PierPoint Mortgage is an expanding mortgage lender with a committed group of experts who consistently deliver outstanding service.
What are the two largest mortgage companies?
Fannie Mae and Freddie Mac are the two largest mortgage companies in the US.
How do I get the best mortgage approval?
To get the best mortgage approval, you’ll need to have a high credit score, a low debt-to-income ratio, and a large down payment.
What is the best way to get a good mortgage rate?
To get a good mortgage rate, improve your credit score, shop around for rates, and consider getting pre-approved for a loan.
What is the easiest type of mortgage to get approved for?
FHA loans and VA loans are typically the easiest types of mortgages to get approved for.
We Are Here To Help You
Our Wetumpka, Alabama Office
With 50 years of experience in the industry, PierPoint Mortgage is offering the finest mortgage services. We deal in various mortgage programs that will help you become a proud homeowner.