mortgage questions

The standard pre-approval with The Mortgage Collective will last for 120 days from the date your credit is pulled.
Short answer, no. Each loan scenario is custom built for each client. You are not required to put 20% down, and for most First Time Home Buyers you could put as little as 3% - 3.5% down. If you served in the military or are a surviving spouse of a veteran you also could have the opportunity to put 0% down on a home. (This does not include any grant or first time home buyer options.)
As soon as possible. This means typically 6-12 months before closing on a home you should be connecting with The Mortgage Collective on your options and ensuring that everything is in tip top shape. This will also give you a ballpark as far as savings and if we need to do any credit work to get you the best possible deal for your specific situation.
Within a 45-day window, multiple credit checks from mortgage lenders are recorded on your credit report as a single inquiry. This is because other creditors realize that you are only going to buy one home. You can typically expect a 2–5-point ding on your credit report during the 45-day window.

If you don’t already, you should download and subscribe to www.MyFico.com and use this to track your credit score. We urge clients to shy away from consumer monitoring sites, like Credit Karma, as they are not providing a true representation of your actual credit score.
Typically, we need the following items for a pre-approval: 2 most recent W2’s, 2 most recent paystubs, 2 most recent Bank Statements and a copy of your driver’s license. If you are self-employed, we will require 2 years of your personal tax returns, as well as 2 years business returns for any and all businesses that you hold more than 25% ownership in.
Having your documents prepared (see question/answer above) and ensure that your credit is unlocked with all three credit bureaus. This will allow us to fast track your pre-approval and ensure you are home shopping in record time!
The average client should have a pre-approval within less than 24 business hours of application if all documents are provided and credit scores are unlocked. The goal is to ensure that you are not waiting on The Mortgage Collective to start your home shopping!

Let’s do this!