Alabama Mortgage Brokers & Lenders (2024)

Whether you have moved to Alabama from another state or you are planning to shift from peripheral to central Alabama, getting your dream home will definitely be on your tasks list. And for that, you will need the assistance of some of the best mortgage companies, Wetumpka.

PierPoint Mortgage is one of the top mortgage companies in Wetumpka, AL, and has decades of experience. We have assisted a lot of dreamers in purchasing their first homes.

But our services are not exclusive to first-time home buyers! Whether you are trying to get to buy your fifth house, an adept mortgage broker from our team will be by your side. Your search for reliable Mortgage brokers Wetumpka and lenders end with us,

As a full-service mortgage lender, Wetumpka, AL, we extend the following mortgage products:

1. Home Loans:

• Conventional Loans
• FHA Loans
• VA Loans
• Jumbo Loans
• USDA Loans

2. Mortgage Refinance (Refinance existing mortgage)

3. Reverse Mortgage, Wetumpka, AL

Once you have completed all the formalities and shared all the required information/documents, the whole process will be a breeze. Therefore, before we jump into the loan process, we must understand the requirements.

As a responsible Mortgage Broker, Wetumpka, Al we have jotted down the important requirements.

A mortgage lender will need some documents from the applicants, as those documents are integral to the loan process.

You’ll need five things to get pre-approved for a mortgage: proof of assets and income, good credit, employment verification, and other documentation your lender may require.

The following information will help you prepare for the pre-approval process and ensure you are ready to submit everything you need.

Income Verification

As a general rule, buyers must provide the two most recent years’ tax returns and W-2 wage statements from the past two years. Also, a recent pay stub showing income for the year and any additional income, such as alimony, will be required.

Evidence of Assets

To demonstrate cash reserves and funds for the down payment and closing costs, the borrower needs to provide bank and investment account statements.

Down payments vary by loan type and are expressed as a percentage of the sale price. Private Mortgage Insurance (PMI), mortgage insurance premiums, and funding fees are commonly required for most loans unless the buyers put down 20%.

According to the type of loan, pre-approval is also based on the buyer’s FICO credit score, Debt-To-Income ratio (DTI), and other factors, such as a down payment. Rest you can anytime take the required knowledge from our mortgage brokers, Wetumpka.

Except for jumbo loans, all government-sponsored enterprises (Fannie Mae and Freddie Mac) follow the same guidelines. Loans designed for first-time buyers and low-to-moderate-income homebuyers include Home Ready (Fannie Mae) and Home Possible (Freddie Mac).

U.S. Veterans, service members, and not-remarried spouses are eligible for VA loans, which require no money down. It may be necessary for a buyer who receives money from a friend or relative to provide a gift letter to prove that the funds are not a loan.

Good Credit score

FHA guidelines allow approved borrowers with a score of 580 or higher to pay as little as 3.5% down on a conventional loan. Some top lenders even require a FICO score of 620 for a Federal Housing Administration loan. The down payment for those with lower credit scores is higher.

Verification of Employment Status

Borrowers with steady employment are more likely to be approved for loans by lenders. Additionally, lenders will likely call an employer to verify a buyer’s employment and salary in addition to looking at pay stubs.

It will be necessary to provide significant documentation concerning the business and income of self-employed buyers.

A number of factors are considered by mortgage companies in Wetumpka, AL, when approving a mortgage for a self-employed borrower. These include the borrower’s income stability, the borrower’s business location, nature, and the market for the product or service offered by the business. Further, the financial strength of the business and whether it will continue to generate and distribute sufficient income to enable the borrower to make mortgage payments are also taken into consideration.

Self-employed borrowers must submit their two most recent tax returns, complete with all schedules.

Additional Documentation

Borrowers must provide their driver’s license and Social Security number to lenders so that lenders can pull their credit history. You will have to provide additional paperwork (as soon as possible) to the lender during the pre-approval session.

The complete mortgage process can be simply divided into four steps, but remember, you do not have to go through those steps alone! PierPoint Mortgage, the best mortgage lender, Alabama, will be with you at every step.

First Step: Submit Your Application

Fill out the loan application, for which you need to submit several documents. Since mortgage requirements and documentation requirements can vary from one lender to another, it is a good idea to have all the basic documents in order.

Submit the loan application and the required documents, or copies thereof. You may qualify if you are eligible based on the information provided.

Second Step: Wait For the Loan Estimate

Once you have uploaded all your documents for review, you will have to wait to confirm your loan eligibility and the expected loan amount. Please be patient, as the review may take at least 3 days.

Third Step: Provide More Information

Most Wetumpka mortgage companies may ask for additional information during the application process, so you should respond quickly. There will also be a home appraisal that will be necessary to match your financing needs and the sale price of the home.

The home mortgage in Wetumpka is determined on the basis of this analysis. Also, your debt levels and overall financial situation can affect your mortgage eligibility.

Fourth Step: Closing

After the final appraisal, if everything goes well, the lender will prepare for closing. It will share all the documents and procedures of the loan, and you should read it carefully. If you agree with the terms, proceed with preparing the down payment and final payment. Once you pay this, your loan process will end.