Qualifying for a mortgage is important. You may apply for any amount of mortgage that you like; however, this doesn’t mean that your request will be approved. Lenders do have some set parameters against which they will verify whether you are entitled to the requested loan amount. Following are the most important determinants of qualification for a loan:

• Your employment history
• Available of ready cash for closing and the source of those funds
• Your credit history

Verification of Income
We help you get the best mortgage loan. We have a very innovative qualification process, which allows faster approval with significantly less paperwork.

For a faster approval process, you should be ready with the following documents:

• A current pay stub from borrower's employer
• W2's from the borrower's employer—most recent two years.
• Written verification of employment from the employer (lender would request this information directly from employer).

Verifications required for closing
Lenders would be verifying cash and cash equivalents, such as stocks and bonds, equity ownership in other assets, such as real estate may be used for the down payment and for paying the loan closing costs. You may arrange for the following documents to quicken the closing process:

• A copy or the last 3 months of bank depository or investment company statements.
• Written verification of deposit from the depository institution
• For a purchase, a copy of the sales contract on any real estate to be sold.
• Some or all of the above may be used needed in order to verify the funds to close.

In case you are refinancing, you will need enough reserves to pay your mortgage, insurance, and taxes for approximately 3 months.

The Credit Report
Whenever you apply for a mortgage, the credit-reporting agency will access the central repositories that collect, store and report credit obligations and pay records for your credit details. Verification is done on whether any collections, judgments, liens, repossessions or foreclosures been reported? These items are all covered in a full report. The report will assist us in getting the best loan for you.

Property Value Confirmation
Lenders usually use real property as the security or collateral for residential mortgages. Appraisers usually evaluate property based on three approaches:

Cost Approach: The combined value of the land and the cost of the improvements less depreciation

The Market Approach: Recent sales in your neighborhood

Income Approach: The rental income that can be derived from the property

The market value approach is usually given the most weightage since it reviews the most recent sales surrounding the property.

The Appraisal Process
Appraisals usually begin with a physical inspection of the property by a professional appraiser. At this point, the appraiser measures the property, locates the rooms on a drawing, and notes the overall condition of the property and surrounding neighborhood.

Once the inspection is over, the appraiser locates both the sales activity and current listings in the area from real estate databases and prepares a written report. The report indicates the value of the property and summarizes the important aspects of the evaluation process.

Title Search
During loan processing, lenders require a title search on the property to get information on the legal description, the owner of record, and outstanding liens and encumbrance on the property. Liens are items such as property taxes, mortgage loans, and judgments while encumbrances may be road maintenance agreements, right of way and utility easements.

In most of the cases, a plot map or land survey is prepared as part of the title search to show the location of the improvement on the property. Once this search is completed, the title company prepares a written document to display their findings. This report is delivered to the lender and is referred to as the preliminary title report.

After the closure of the loan, the title company prepares a title policy that displays the new mortgage loan as a lien on the property. The policy is called an American Land Title Association (ALTA) policy. Additionally, in case there is a transfer of title, the new owner usually obtains a title policy as well.