Qualification This is the first step in obtaining a loan and is often the most important step to ensure a mortgage transaction is smooth and trouble-free.   At the conclusion of this step, we want our clients to be able to proceed with confidence.  Unfortunately, if the process is not thorough there can and will be surprises that arise later that will cause frustration, delays or cause a loan to be denied.

We devote substantial amounts of time to this upfront work and we believe it is highly unlikely that you will receive the same level of attention from a large bank or an internet lender.  If you value a relationship where you can have all your questions answered and get the information you need to make a sound financial decision we believe you will enjoy working with the mortgage finance professionals at Spectra Mortgage.

Whether the transaction is a purchase or a refinance the process we follow is the same:

• Understand your objective and goals;
• Gather a complete picture of your credit profile which will generally include acquiring a tri-merged credit report;
• Complete an application addressing your employment, income, assets and liabilities;
• Determine whether there are any other issues that may impact your loan;
• Ensure that all of the costs of home ownership are assessed including property taxes, homeowners insurance, association dues, and mortgage insurance, if applicable; and
• Ensure that all financial issues have been considered; 

Throughout the process we explain why the information requested is important, how it is used, and how it may affect your qualification. Among the areas we will specifically discuss with you are the following:

• Credit Scores and any other credit issues that may be identified;
• Housing History and Employment History;
• Income and Monthly payment obligations;
• The Debt to Income Ratio;
• Available assets and the applicable Down Payment and reserve requirements;
• Appropriate loan programs that will likely be available and the pros and cons of each; and
• Closing costs and interest rates, including their inter-relationship and the options that may be available to you when you are ready to proceed.

The process described above usually takes from 30 minutes to an hour or more depending upon the complexity of the situation.  This step can take place at your convenience (we are available evenings and weekends) and in the manner you are most comfortable; whether via email, phone or whenever possible an in-person meeting.  At the conclusion of this process, you will have information on the type of loan program(s) that exist to meet your needs and the amount that you will safely qualify for under each.