First-Time Homebuyers

Setting yourself up for financial success doesn't have to be difficult.

Applying for a home mortgage is one of the biggest and most important financial steps you will take in your lifetime. The mortgage loan process can seem complex to many, but here at Luminate Home Loans, we want to make sure you feel fully educated as you move through this process. We have a full page dedicated to our process but keep reading to learn more about what all of this means for first-time homebuyers like yourself.


What You Need for Pre-Approval as a First-Time Homebuyer

Pre-approval: you’re going to hear this word a lot when you first start your home buying journey. In short, a pre-approval is what happens when an underwriter reviews all of your documentation and determines whether or not you are qualified for a mortgage.

 

It sounds intimidating, but we promise it’s easy. Once you pre-qualify, you’ll receive your pre-qualification letter, a list of items we’ll need from you, and a loan estimate. Just remember that home loan pre-qualification does not include an analysis of your supporting documentation and is based solely on the information you have provided verbally and/or online for your application.

Documents You'll Need for the Loan Process

Getting pre-qualified with Luminate involves supplying us with your overall financial picture, including all debts, credit, income, and assets. We’ll review everything quickly (usually in as little as one or two days), and then give you an estimate of how much you can qualify for. The best part? All of the pre-qualification processes can be done over the phone or online, and there’s no cost involved!

Tax documents.

To pre-qualify, we’ll need your W2 statements and all pages of your 1040 Federal Tax Returns from the last two years. Also, if you’re a business owner we’ll need your tax returns and K1s.

Paystubs and bank statements.

We will need copies of your two most recent paystubs, and the last two months of your bank asset statements (checking, savings, money market, retirement, etc.).

Legal identification.

A copy of your driver’s license or passport will be needed to confirm your legal identity. 

Gift funds and other documents.

In some cases, we’ll need other types of documentation from you as well. That may include an offer letter for employment, school transcripts, social security or pension award letters, a divorce decree, bankruptcy papers, or short sale documentation.

What Happens After You Pre-Qualify?

Once we review and validate all of the documentation you supplied us, we’ll provide you with an official pre-approval letter up to a specified amount. Going through the pre-approval process puts you—a first-time homebuyer—in the strongest position possible against the competition when making offers on homes. In our intense buyers’ market, sellers are only considering serious buyers who have done their due diligence and are fully pre-approved.

See If You Qualify

Important Things to Remember as a First-Time Homebuyer

As you go through the pre-approval and the home loan process, it’s important to remember a few basic tips. For example, you’ll want to continue to effectively manage your credit while going through the mortgage loan process because changes could affect financing. Also, if you change jobs or any other large life events happen, you’ll want to inform us right away. 

Still unsure what to do next as a first-time homebuyer?

That’s okay—because our team is here to help guide you every step of the way. We don’t want you to feel left out in the dark, but instead to have complete clarity and transparency throughout your entire loan process.


Here at Luminate Home Loans, we truly believe in our mission and core values. We focus on people like you because we understand that character does count. We stay humble and work hard so that the lending process stays approachable and transparent every step of the way.

Your new home is waiting. Let's get you in there.

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