If you are based in Bay City, MI, or if you are looking for mortgage brokers in the area, you can choose PierPoint Mortgage. We have been working in the domain for over 50 years and have helped a lot of Michigan residents in getting their dream houses!
Mortgage Services Provided by PierPoint
A good mortgage lender or mortgage company is one that not only provides assistance but also allows you to explore all the options so that you can take your pick. And that’s what we do at PierPoint. Our team of experienced mortgage brokers, mortgage lending experts, and loan officers can guide you about the loan process and different mortgage programs.
But before coming to the brass tacks, let’s first know what services can you expect to receive from PierPoint Mortgage. So, here is the list of all the loans that you can get with the help of PierPoint Mortgage:
- Conventional Loans
- USDA Loans
- FHA Loans
- VA Loans
- Jumbo Loans
Does Being Prequalified Mean Being Pre Approved for a Mortgage?
There are differences between the two, even though you need a letter for both. Answer a few questions about your financial situation and you will be pre-qualified in minutes. But in most cases, pre-approval requires much more information.
Pre-qualification does not mean much when it comes to mortgages as being pre approved holds the real value. To help you understand better, we would like to explain the online mortgage procedure.
The whole procedure can be divided into different steps and they include:
Step One: Submit your Application
Fill out a loan application, for which you have to submit several documents. Because mortgage needs and documentation requirements can vary slightly from one local lender to another, it is advised that you have all the basic documents handy. Some of those include:
- Government-issued ID (license, passport, or other government-issued photo identification)
- Social Security Number
- Payslip from employer
- Proof of income (from employment or other sources of income)
- Tax Returns
- Recent bank statement
- Credit history
- Details of all existing loans
- Information about the property
Submit the mortgage application and the asked documents or their copies. If you seem to be qualified based on the information provided, you will get prequalified.
Step 2: Get an Estimate
Once you have uploaded all your documents for evaluation, you will need to wait to confirm your loan eligibility and expected loan amount. Please be patient as evaluations can usually take at least 3 days to complete.
Step 3: Provide Additional Information
Lenders may ask for more information during the application process, so you need to respond quickly. Submitting all required documents quickly can speed up the application. There will also be a property appraisal which will be integral for matching your borrowing needs and the selling price of the property.
The loan amount is determined on the basis of this assessment. Also, your debt ratio and your overall financial situation can affect your mortgage approval.
Step 4: Closing
After the final assessment—if everything goes well—the lender will prepare for closing. He will share a document will all the loan terms and conditions and you must read them carefully. If you agree with them, go ahead and prepare the down payment as well as the final fees. Once you pay that, your loan process will get completed.
So, What is the Difference Between Being Prequalified and Being Pre Approved?
Now, if you look at the steps you will realize that getting a prequalification is easy as it is based on the information you provide. But at later stages of the entire mortgage process, the lender will perform assessments to know your debt information, debt ratio, employment status, collateral, etc., and that can easily change your pre approval.
Make sure you don’t make any rash decisions once you receive pre-approval for a mortgage. As soon as you have been pre-approved for a home loan, you should speak with your mortgage advisor or our expert Mortgage Lenders at Michigan to make sure you’re not jeopardizing your pre-approval.
How Are Loan Amounts Determined?
Loan amounts are determined by several factors, including a borrower’s income. The amount you can borrow to buy a home is affected by your debts, such as car payments and student loans. Together, these factors affect how much you can borrow.
Usually, your income, the debts you owe, and the values of your other properties are put into a mortgage calculator to determine the exact loan amount that you would get.
Contact our expert mortgage broker in Bay City for more information.
I am Self-Employed, Can I Still Get Approved for a Mortgage?
It is extremely easy to get a mortgage even if you are self-employed; you just need to provide a few additional details to meet the eligibility criteria. In order to use your self-employed income as part of your mortgage calculations, you must meet the following criteria:
- A self-employment history of at least 24 months (2 years) is required.
- A 12-month self-employment period may qualify you if you have previous experience in the field and your income is equal to what you earned before becoming self-employed.
Home Loans Made Easy with PierPoint Mortgage!
There are various lenders to help you with your home purchase but to know which one offers the most excellent service, is another story.
So, if you are trying to buy the house of your dreams or looking for professional mortgage brokers, you can rely upon PierPoint Mortgage. We can help you with a home loan, and help you get the homeownership of your dream house.
You can either call us or simply visit our store!