Let the True North Group Connect You with a Lender
By collaborating with a trusted lender and remaining informed through every step of the process, from pre-approval through closing, you can have a significantly more comfortable experience. If you don't already have a lender, the True North Group partners with Reach Home Loans and can help you connect.
Get Pre-Approved
Define your ideal lifestyle, budget, and strengthen your negotiating position by securing a pre‑approval letter early in the process. Your lender will provide a detailed loan estimate outlining projected monthly payments, property taxes, homeowner’s insurance, and closing costs.
What is it?
A pre‑approval letter outlines your interest rate, closing costs, and annual percentage rate (APR). From there, we design a customized strategy tailored to your goals—whether that means buying down your interest rate, negotiating seller concessions, or aligning the move with your ideal timeline.
Documents Needed to Apply
- Most recent two years of W2s
- Most recent 30 days of pay stubs
- Most recent two (2) months of asset statements including checking, savings, retirement accounts, etc.
- Most recent mortgage statement and insurance bill, if applicable.
Loan Types
Conventional - Most common, conforming loan offering the lowest closing costs and best interest rates with as low at 3%-5% down payment and no PMI at 20% down.
FHA - Government backed mortgage option typically used by first time home buyers. Down payment as low as 3.5% and more friendly credit and debt-to-income ratio requirements.
FHA - Government backed mortgage option typically used by first time home buyers. Down payment as low as 3.5% and more friendly credit and debt-to-income ratio requirements.
VA - Allows you to purchase a home with no money down if you are an active-duty military personnel, veteran, or spouse of a deceased veteran and eligible.
Jumbo Loan - Non-conforming loan often used to purchase luxury properties that exceed conventional loan limits with higher requirements on down payment and credit score.
Bank Statement Loan - Allows a lender to review your personal or business bank statements to qualify for a mortgage. This is a great option for self-employed individuals who write off a plethora of business expenses.
Debt Service Coverage Ratio (DSCR) - Enable real estate investors to finance investment properties without personal income or employment verification. Lenders qualify borrowers using the property's projected rental income.
Estimate Your Monthly Payment
Estimate your mortgage payment, including the principal and interest, taxes, insurance, HOA, and Private Mortgage Insurance (PMI).
Find the Best Loan Option
Collaborating with a top-notch local loan officer will ensure you have access to competitive rates and programs that best fit your individual needs.
Application and Processing
When you find the perfect property and your offer is accepted, your lender will help you complete a full mortgage loan application, discuss down payment options, and explain any related fees.
Then, your application is submitted for processing where the documents are reviewed. Your lender will also order a home appraisal and a property title search.
The next part of the application process involves sending everything to an underwriter who will review and approve the entire loan package to make sure it meets all compliance regulations.
It is not unusual to receive requests for additional documentation or clarification during this phase of the application process.
Signing and Finalizing the Deal
Once your loan is approved, you’ll need to set up homeowners insurance.
Your documents will be sent to the title company and the closing will be scheduled for you to sign the necessary paperwork and pay any additional costs to complete the purchase of your new home.
After the loan goes through the required recording process, the purchase is complete, and you officially own your new home!
