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Frequently Asked Questions
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Get pre-underwritten fast, so you know your budget up front and are ready to make an offer. When it comes time to buy, we’ll help you close in as few as 10 days instead of the typical 45. - Transparent Pricing
We’ll walk you through a variety of loan scenarios so you can select the option that works best for you. - Seamless experience
To ensure a more streamlined process, your dedicated real estate agent and loan officer work together as a team to guide you every step of the way.
Was this helpful?- Speed
- Finding a great agent and a competitive lender can be challenging. And transferring the paperwork between the two even more so. To save you time in your search and ensure a more seamless experience, we give you a dedicated real estate agent and loan officer who work together as a team to guide you every step of the way.Was this helpful?
- Flyhomes Mortgage is currently licensed in CA, OR, WA, TX, CO, MA, MD, ID, and DC. If you would like to request your state, please let us know by emailing us at [email protected].Was this helpful?
- Put simply, pre-underwriting is the only reliable answer to a big question: How much can I spend on a home? It’s a written commitment from a mortgage lender confirming the loan amount and program you’re qualified for.
- Not only does pre-underwriting give you certainty about how much you can offer on a home, it makes you a more competitive buyer and it might even get you the home you want for a lower price.
- All home loans involve underwriting, but typically not until there’s a specific property to consider. With pre-underwriting, the lender carefully reviews your ability to pay back the loan before a property is involved. Once you’ve found a home, the property title and appraisal will be underwritten.
- The process of being pre-underwritten starts with you giving a loan officer documents pertaining to your credit, assets, and debt-to-income ratio. The loan officer shares the information with an underwriter, who carries out pre-underwriting.
- Pre-Qualification and Pre-Approval processes are similar, but they do not carry the same level of certainty that Pre-Underwriting does because your application is typically not reviewed by an underwriter. Put another way, a Pre-Underwritten commitment letter offers you the opportunity to waive your financing contingency with confidence that you can afford your mortgage, whereas a Pre-Qual or Pre-Approval might not.
Was this helpful?- Getting pre-underwritten answers the question “how much can I afford?”, allowing you to shop with confidence.
- It also gets all of the heavy lifting out of the way up front. So when you are under contract on a home you want to buy, we can move quickly and ensure you will close on time.
- It costs nothing to get pre-underwritten. Should you decide to move forward with Flyhomes Mortgage, you will incur the costs of working with us on your closing date.
Was this helpful?- There are two basic steps to getting pre-underwritten:
- The first is to submit an online application. It takes about 15-20 minutes to fill out, and it will ask you to outline your employment history, residence history, and your income and asset information.
- Once completing the application, the second step is to submit income and asset documentation that supports what is written on your application. This includes, but is not limited to, 2 most recent tax returns and W-2’s, 2 most recent months of bank statements and paystubs, and any current visa documentation and mortgage statements if applicable. Once you have completed your application, a licensed loan officer will confirm the exact documents required, but it is a good idea to start gathering all of the documents listed above.
Was this helpful? - Your pre-underwritten commitment letter is good for up to 90 days.Was this helpful?
- There is no upfront cost to getting pre-underwritten. We do include an underwriting fee in your closing costs if you do ultimately choose to work with us, and this fee covers the entire processing of your loan.Was this helpful?
- No! You are free to close your loan with whatever company you like. Just note that if you have not been pre-underwritten with that company, you will have to start the whole process over again, which can be costly in terms of timing, especially if you have a short closing period.Was this helpful?
- Your credit score won’t be adversely affected if your credit is pulled multiple times as long as they’re all pulled within a 14-day window. By keeping all pulls within this time frame, it lets credit bureaus know that you’re simply shopping around.Was this helpful?
- We at Flyhomes Mortgage cannot approve you for a mortgage until you have credit history. The definition of "credit history" starts at 6 months of credit. I would recommend you visit your bank, apply for a credit card, and in six months revisit your options.Was this helpful?
The Blog
Industry tips and insight from our Mortgage Loan Officers, all at the Flyhomes Mortgage blog.
