Will I Qualify?

Whether you qualify for a mortgage or refinance depends on a number of factors. The good news is, thanks to our experience, when you call us on the phone we can usually tell you within minutes what your chances of qualifying are. We can also give you a ballpark figure of the loan amount you are likely to qualify for. After sending us some financial documents, we can give you concrete numbers and send you an official loan proposal, usually within just a couple of days.

Ultimately, you only really know if you qualified after the final loan approval by the lender. However, we do extensive preparation and in-house pre-qualification before we submit your loan application, and we are with you to assist you every step of the way.

Factors lenders look at in loan applications

Lenders look at several factors when they determine whether or not to approve a mortgage or refinancing application.

They look at your income, your credit score, and the property that the loan will be for. There are specific rules that they follow in relation to all of these things, but as a brief summary:

• Income: The lender will look at your income, and they will want to see that your income has been stable for a certain period of time (a different period for different loan programs). They will also look at the ratio between your monthly income and your monthly debt payments (such as minimum monthly credit card payments).

• Credit score: The lender will look at your credit score, for two reasons. They usually want to see certain minimum credit score in order to approve you (this minimum can be different for different loan types), and secondly, after satisfying the minimum, they will use your credit score to determine what interest rate they are willing to offer. If you have a higher credit score, you will be offered a lower interest rate.

• The property: The property that the loan is for is also an important factor. The lender will look at the value of the property in relation to the loan amount you are asking for. They will also look at the type of property, i.e. single family home, commercial property, farm, etc. Certain loan programs are specifically geared towards certain types of property.

Our In-House Pre-Qualification Process

It is important that you do not submit a loan application unless you feel very confident that will be approved. Every time you submit a loan application, it impacts your credit score, so ideally you only do this once (and get approved).

After we locate the most suitable mortgage program for you, we will run your information through our proprietary in-house “The Qualifier”™ pre-qualification algorithm. This tells us with a high degree of accuracy whether you will be approved for the mortgage program selected. Passing this is not a guarantee of final approval by the lender, but it gives us confidence that you will be approved—enough confidence for us to believe it is worth it for you to submit the application. We will only ask you to allow us to submit your application when we are confident that you will be approved. If there is anything we are hesitant about, then we will address these issues first.

Get a free consultation in person or by Zoom call

When you call us for a free consultation, we will let you know within minutes where you stand, what your options are and what you are likely to qualify for. If you are interested, we will then proceed with our more detailed pre-qualification process.

You can call us to schedule a free consultation at 310-294-9417 or click here to book an appointment online.

“Alejandro worked with me for more than six months to help get the loan for my house that would work for me. He was very professional, always answered my questions and told me no matter what he would find a company that would work with me and would make it go right.”

— Kristina, Client