Mortgage Loan Page
Funding your home purchase
- 1Financial pre-qualification or pre-approval?
Application & interviewBuyer provides pertinent documentation, including verification of employment A credit report is requested Appraisal scheduled for a current home owned, if any - 2UnderwritingThe loan package is submitted to the underwriter for approval
- 3Loan ApprovalParties are notified of approval Loan documents are completed and sent to the title
- 4Title CompanyTitle exam, insurance, and title survey conducted Borrowers come in for final signatures
- 5FundingThe lender reviews the loan package. Funds are transferred by wire.
Why get pre-approved?
We require our buyers get pre-approved before beginning their home search. Knowing exactly how much you can comfortably spend on a home is important to narrow our search criteria. In addition, sellers in our area will not accept an offer without a pre-approval letter attached. Therefore, pre-approval will prevent us from looking at properties that are beyond your means or losing the dream property to an offer from another pre-approved buyer.
It's all here
UW Realty Company strives to offer the CORE services that will meet your needs throughout the home buying process. Enjoy the convenience of one-stop shopping through our preferred partners, which meet our rigorous standards in the following areas:
Integrity · Experience · Operations · Customer Service · Communication
Lender Basics
1. What's the difference between pre-qualification and pre-approval?
Pre-qualification is a simple process. The buyer is asked specific questions about their income, assets, and liabilities. Based on this information, they are provided with an amount for which they may qualify. This process can be done strictly on a verbal level or electronically over the Internet.
On the other hand, a pre-approved buyer is one who is actually approved for a loan of a certain amount. The pre-approval process is much more involved. The borrower will provide proof of income, assets and liabilities and this information will be verified by the lender. Because of this verification, pre-approved buyers are much more attractive to sellers than pre-qualified buyers.
2. When dealing with borrowers, what concerns lenders the most?
When dealing with borrowers, lenders' main concern is risk. Lenders proactively manage these risks by requiring four things from a borrower:
- a. Down Payment — Statistics have proven that borrowers who put down 10% or more are unlikely to default on a loan.
- b. Excellent Debt to Income Ratios — Borrowers with high debt and low income are at high risk because they are using too much of their income to pay their current debt (e.g. credit card debt, car loans). We describe this as having a high DTI (debt to income ratio).
- c. Job History — Long-term employment is a good predictor that a borrower will have a steady stream of income, which will not be interrupted by a career change or termination.
- d. Excellent Credit — A credit score tells an underwriter a great deal about a borrower. Lenders take a close look at FICO scores. FICO stands for Fair Isaac Credit Organization, the organization that developed the formulas used by credit bureaus to calculate credit scores. (See www.myfico.com to learn more.)
3. Why do credit scores vary? And what do lenders like?
The three major credit bureaus are Experian, Equifax, and TransUnion. Credit scores will vary from bureau to bureau because each bureau puts a different emphasis on different factors — delinquencies, too many credit cards, balances that are too high, too many recent credit inquiries, tax liens, judgments, bankruptcies, length of credit history, and so on.
Credit scores are calculated using a scorecard that allocates points for each of the above factors; however, lenders do not get to see the entire scorecard, only the final scores. FICO scores can range from 300 to 850. Here's how lenders typically react to FICO scores:
| FICO Score Range | Rating | Lender Reaction |
|---|---|---|
| 760 – 850 | Excellent | Best interest rates available; lenders compete for your business. |
| 700 – 759 | Very Good | Good rates; qualify for most loan programs with favourable terms. |
| 660 – 699 | Good | Qualify for most loans; slightly higher rates may apply. |
| 620 – 659 | Fair | Loan approval possible but at higher rates; some programs unavailable. |
| 580 – 619 | Below Average | Limited options; higher rates and stricter terms required. |
| 300 – 579 | Poor | Very difficult to obtain conventional financing; sub-prime or FHA loans may be considered. |
The Ten Commandments When Applying for a Real Estate Loan
- Thou shalt not change jobs, become self-employed or quit your job.
- Thou shalt not buy a car, truck or van (or you may be living in it)!
- Thou shalt not use charge cards excessively or let your accounts fall behind.
- Thou shalt not spend money you have set aside for closing.
- Thou shalt not omit debts or liabilities from your loan application.
- Thou shalt not buy furniture.
- Thou shalt not originate any inquiries into your credit.
- Thou shalt not make large deposits without first checking with your loan officer.
- Thou shalt not change bank accounts.
- Thou shalt not co-sign a loan for anyone.
Testimonials
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Unee was very helpful, competent, professional and a pleasure to work with. She made the process of our purchase a very smooth one. She was organized and followed through on everything.
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- Joe Chateau
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"Unee got everything right and followed up on every part of the plan she laid out to sell our house. She helped us price it just right and as predicted it sold on the first day on the market way over the list price. She managed all the details of the transaction, worked well with the buyer's agent and went way beyond the call of duty. She is a true professional and goes the extra mile for her clients. I also love she is a self starter--the kind of entrepreneur who is building a great business and is contributing to our economy. You will not do any better than Unee, including if you are considering the big name realtors and companies. Happy to talk with anyone who wants more information. Go Unee!"
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- tkochan8
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Unee helped us sell the house above asking price. The 2 -family dwelling was sold after the second open house . Unee kept communication open and transparent through the process
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- modiin50
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I first met Unee when she represented the seller of the condo we purchased. We did not have a buyer's agent and so she assumed the full set of tasks to complete the transaction. She acted in a very transparent and highly professional way and we were totally satisfied with her service. In fact she went beyond the call of duty to help us complete the transaction while fully representing her client. She is now our agent. I hired her to help us to find contractors to renovate a studio apartment and ready it for sale and then to represent us as our selling broker. She is doing just as outstanding a job for us as we expected. We not only would recommend Unee to anyone considering buying, selling, or renting a property, we have in fact hired her to now sell the studio apartment our son is now vacating. She is an outstanding professional. Thomas Kochan
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- Thomas Kochan
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Unee, is very hard working professional that connects me with excellent tenants. She does all the research, paperwork and legwork to connect me with good qualified tenants. Every time I need a tenant I reached out to her. I highly recommend her.
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- Alda Soares
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Unee has helped me to find tenants for the past 2 years. I stay with her because she has the characteristics of a successful real estate agent , including: 1.She has extensive knowledge of the Boston area and unique insight into local rental property. If I consider to buy a property, I will call her first for an opinion. 2.She is honest. Before listing my property, she would let me know what I should expect, from rent to timing. 3.She knows how to market and present my property. So far she has always rented it in less than 2 weeks while my previous rental agent took more than 2 months. 4.She is tenacious. She always updated me the status promptly. 5.Best of all, she listens to my needs, and works hard and smartly to rent my property quickly.
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- Hong Zhuang
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"Unee is truly a professional and knowledgeable Real Estate agent and I highly recommend her services. I totally have trust in her judgement and approach when it comes to marketing and selling a property. She did exactly what she told me she would do with integrity and trust. She is also a joy to work with and a wonderful personality. Thank you Unee for the job well done."
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- Masoud61
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Unee Michelle is a very experience, hardworking and resourceful agent. She was able to market my apartment effectively and rent it very quickly in the middle of Winter. I highly recommend her.
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- Nash Kamal
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Very professional, very knowledgeable, very enthusiastic, trusted person. She helped me to find tenants. And then, with a big renovation of my apartment. After that, she put it on the market but it stayed for a short period of time. We had many, many potential buyers but I changed my mind and decided to move in to this place. She is the person you can rely on.
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- tm ch2711
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Unee personifies class and professionalism. She went above and beyond to ensure I was setup for success along the journey to purchasing my first multifamily property by providing in depth detail at every step and connecting me with a quality support team.
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- Clinton Williams
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Excellent service done by her she is elegant classy and a very pretty woman . polite . 3D technology was used to sell the property listed fast because of covid 19 pandemic .I think she handled it very professionally I will hire her again for another sale in future and recommend my friends.
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- Setavo
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Unee is more than professional, she is a power player. The more I see her in action, the more my mind is blown. She more than gets things done, she leans into it, she shows up and she makes miracles happen in all aspects of the deal down to the tiniest detail of logistics. For the numerous ways she has enabled my family to be taken care, advising me of the market position at the right time, and using her incredible breadth of insight and skill to maneuver our investments to meet our goals, I regard her as Wonder Woman. I can't say enough about how thankful I am for what she has done to make our goals possible. Yet the thing that I appreciate the most about her is not her boundless energy, her drive, her resourcefulness. Her integrity, her selfless honesty, and her grit to stand up for what is right, are what really shine in her work and make her a true master in this field, able to garner and maintain trust. The more I work with Unee, the more I respect and admire her.Â
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- Kelly Ann Benard
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Unee is incredibly attentive, knowledgeable and driven. She makes you feel like you are her only client. Unee previously rented one of our apartments and recently listed and sold our house. She also helped us buy another one. She could not have been more responsive or thoughtful throughout the process and I would highly recommend her.
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- Vpcerulle
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