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Kinlin Grover GMAC Real Estate

Before you begin your home search in earnest, we recommend that you become prequalified for a mortgage. Doing so will allow you to identify the level of properties that you can realistically consider, and move forward with confidence once you've found a home that you wish to buy.

GMAC is one of the ten largest non-governmental residential mortgage lenders in the country. As part of the GMAC family of companies, our clientele see a distinct advantage over other real estate brokerages that enjoy less committed relationships with lenders. Our in-house mortgage consultants can guide you from the pre-qualification stage all the way through closing once your offer to purchase a property has been accepted. There are a wide variety of mortgage programs available - your consultant will help identify those that are the best fit for you.

Common loan programs include:

  • Adjustable Rate
  • Balloon
  • Buy Down
  • Construction/Permanent
  • Convertible
  • First & Second Combination
  • First-Time Buyer
  • Fixed Rate
  • Government: FHA, VA, State Housing Authority
  • Jumbo
  • Non-Conforming

The Mortgage Process

The following is an overview of the typical mortgage procedure:

  • Mortgage Analysis: Your mortgage consultant will analyze your financing needs, match them to available programs, and then recommend the best options for you and your specific situation.
  • Application: This is the procedure of applying and being approved for a mortgage, which should be done in advance of your home search.
  • Rate Lock: At any time, based on the guidelines of a particular program, you may have the opportunity to lock in the interest rate, guaranteeing the rate at the time of closing.
  • Commitment Letter: Once you have completed your mortgage application, it will be reviewed by one of our underwriters. Upon approval, a commitment letter will be issued detailing the terms of the approval.
  • Conditions: At times, commitment letters are issued with conditions - factors that need to be addressed prior to closing.
  • Closing: At a time and place convenient for all involved parties, a closing will be scheduled, at which time all paperwork is authorized and signed, and title to the property passes from seller to buyer.

Information Normally Required for a Mortgage Application

Current Housing Scenario

  • Do you currently own a home, or rent?
  • If you own, what is the unpaid mortgage balance?
  • How much do you estimate your home to be worth?

Income Details

  • Home address for the past two years
  • Your gross monthly income (and your spouse's, if applicable)
  • W-2's for the prior two years
  • One month of current pay stubs
  • Proof of pensions, retirement funds, disability income, and/or social security income
  • Proof of income from rental properties
  • Proof of investment income
  • Proof of child support and/or alimony, paid or received
  • If self-employed, 1040 tax returns for the prior two years, current Profit & Loss Statement

Credit History

  • A list of all active creditor's names and addresses, types of accounts, account numbers, estimated balances, monthly payment amounts
  • Overview of credit history, including any bankruptcies and/or foreclosures

Banking Information

  • A list of all active banking accounts, including institution names and addresses, types of accounts, account numbers, and current balances

Other Necessary Details

  • A list of all other assets, including stocks, bonds, land, and personal property
  • Cash value of life insurance policies to be used as down payment
  • Copy of the sales contract for selling your current residence (if applicable)
  • Social security number (and your spouses, if applicable)
  • Veteran's Certificate of Eligibility and DD-214

By preparing in advance, obtaining a mortgage becomes just one more step in the process, rather than a daunting task. Your mortgage consultant, along with your real estate sales associate, can help you understand what to expect and how to achieve a positive outcome.

Click here to request more information or click here to request a mortgage pre-approval