At Finance West Lending, we guide you through the mortgage process all the way from start to finish with up-front and clear information. We provide you with the best options for your specific situation and give you step by step guidance.
Every loan is pre-underwritten prior to submission to underwriting to ensure a smooth process and no surprises. Whether you are purchasing your home or refinancing, you will know up front what the outcome will be.
There are only 3 main aspects that determines your qualification for a mortgage.
Start reviewing your credit 2-3 months before applying. This gives you time to address any issues and optimize your score.
Your credit score tells lenders how you’ve managed debt historically and how much you’re carrying today. Both factors influence your loan terms and options.
Reduce credit card balances to below 50% of your credit limit — ideally below 30%. This debt-to-limit ratio has a significant impact on your score. If paying down debt isn’t possible immediately, consider requesting a credit limit increase to improve the ratio.
We can help: With our experience and tools, we’ll identify what’s helping your score, what’s hurting it, and what can be quickly improved.
Lenders evaluate whether you can comfortably afford your monthly payments by looking at your income against your debt obligations.
Only debts on your credit report plus your new housing payment count toward qualification. This includes:
Utilities, cable, internet, and private obligations are not included.
Salaried employees: We use your gross income (before taxes). Recent raises can often be applied immediately.
Variable pay (overtime, bonuses, commissions): These can boost your qualifying income, but lenders typically average them over two years to confirm consistency. Proper calculation and presentation of this income requires expertise — and can significantly impact what you qualify for.
Self-employed borrowers: Most lenders require two years of tax returns, but exceptions exist. Long-term self-employed individuals may only need one year’s documentation. Strategic planning before filing your next return can maximize your qualification.
Alternative documentation: When traditional W-2s and tax returns don’t work, other options include:
Co-borrowers: Adding a co-borrower’s income can strengthen your application, but their debts must also be included in the calculation.
Pro tip: 401(k) loans don’t count against you for qualifying purposes. Borrowing from your 401(k) to pay down debt can lower your monthly obligations and improve your qualification.
Your down payment doesn’t always need to be 20%. Many programs — especially for first-time buyers — allow as little as 3% down. The right approach depends on your unique situation.
Don’t start house hunting before getting pre-approved. Planning ahead ensures you know exactly what you qualify for and avoids disappointment when you find your dream home.
With the right guidance and preparation, you can position yourself for the best mortgage possible. Let us help you navigate the process with confidence.
One size does Not fit all. Every situation is a bit different. Use our expertise to reach your goal.
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