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It explains DTI, LTV, COE, EMD, PMI, and the credit/qualification workflow, then details how income, credit, debt, and liquid assets are assessed. Practical guidance includes budgeting for monthly payments, a list of required documents such as paystubs, W-2s, tax returns, and bank/retirement statements, plus two payment and qualification examples using different ARM terms and rate assumptions.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/homebuyer-seminar-your-path-to-homeownership-mortgage-pre-approval-process-checklist/280285/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/homebuyer-seminar-your-path-to-homeownership-mortgage-pre-approval-process-checklist/280285.png","ImageObject",442,249,{"name":88,"@type":89},"Felix Montgomery","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-28","2026-09-16",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",8,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"What is the mortgage pre-approval process and what does the lender evaluate?","Question",{"text":109,"@type":110},"The lender uses income, credit, debt, and liquid assets to determine purchasing power and qualification. Each element is used to assess affordability and eligibility for the mortgage rate.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"Which documents are required for mortgage pre-approval?",{"text":114,"@type":110},"Required documents include current paystubs (30-day coverage), the last two years of W-2s, social security/pension award letter and Form 1099, the last two Federal tax returns (Form 1040 with schedules), and recent bank/retirement/stock statements covering a two-month period (or last quarterly statement if quarterly).",{"name":116,"@type":107,"acceptedAnswer":117},"How does credit score affect the mortgage rate and qualification?",{"text":118,"@type":110},"Monterra pulls credit from all three bureaus and uses the lowest middle credit score among borrowers for qualification. Higher credit scores generally correspond to a lower rate, while lower scores correspond to a higher rate.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},280285,1790480368,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":136,"language":137,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":138,"faqs":139,"seo_title":140,"seo_description":61,"update_tm":141,"read_time":101},549768064778,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","Welcome to the Homebuyer  \nSeminar Your Path To  \nHomeownership  \nTopics to cover:  \nGlossary of Terms  \nPre-approval process  \n• Budget & Affordability  \n• Payment sample  \n• Required Documents  \n•Credit  \n•Qualification process  \n• Finding a property  \nMonterra Credit Union Mortgage Products  \nApplication & Free Personalized Consultation  \nGlossary of Terms  \nDTI: Debt-to-Income  \nLTV: Loan-to-Value  \nCOE: Close of Escrow  \nEMD: Earnest Money Deposit  \nPMI: Private Mortgage Insurance  \nTitle and Escrow  \nMortgage Pre-Approval Process  \nEach element below is used by your lender to determine your purchasing power.  \nINCOME  \nSalary, bonuses, commissions, interest Income, social security, pension  \nCREDIT  \nNew and closed accounts, derogatory  \naccounts, any liens  \n** DO NOT apply for any new credit **  \nDEBT  \nCredit cards, auto loan(s), student loan(s),  \npersonal lines of credit  \nASSETS: “LIQUID FUNDS”  \nSavings, checking, stocks, bonds, mutual funds, 401K, pension, monetary gift funds  \nBudget & Affordability  \nQuestions to ask yourself first….  \n􀂙 How much in ‘liquid funds’do you have available for a down payment on a home purchase?  \nExamples of liquid funds:  \n• Gifts  \n• Savings  \n• 401K  \n• Stocks  \n• Grants or Down Payment Assistance Programs (ex. county, city, employer)  \n􀂙 How much money are you comfortable spending each month for your mortgage?  \nRequired Documents  \n􀂉Paystubs:  \n􀂃 Current paystub(s) covering a 30-day period.  \n􀂉 W-2’s:  \n􀂃 Last two years of W-2’s forms  \n􀂉Social Security, Pension:  \n􀂃 Award letter – letter provided in the beginning of the year stating the benefit amount.  \n􀂃 Form 1099  \n􀂉 Tax Documents:  \n􀂃 Last two Federal Tax Returns (form1040) w/all schedules.  \no self employed or have rental income  \n􀂉 Bank Statements/Retirement Statements/ Stocks:  \n􀂃 Most recent statements covering a two-month period (all pages).  \n􀂃 If quarterly statements, last quarterly statement (all pages).  \nYour Credit Matters  \nMonterra will pull your credit from all three credit bureaus. We use the lowest middle credit score of all borrowers on the loan application.  \nBorrower 1 credit scores  \nBorrower 2 credit scores  \n720752  \n743700  \n754695  \nIn this scenario, Borrower 2’s middle score will be utilized to qualify for the mortgage rate .  \n* The higher the credit score the lower the rate, the lower the credit score the higher the rate*  \nPayment Example \\#1  \nJohn, Jill and June have $260,000.00 in liquid funds to put down on a home purchase. They have set a housing payment budget of no more than $7,700.00 per month.  \n*Using 7/1 ARM 40YR term @ 6.125% *  \n\n| Purchase Price | $1,250,000 |  |\n| --- | --- | --- |\n| Down Payment | $250,000 | 20% |\n| Monterra Loan | $1,000,000 |  |\n| Principal & Interest payment | $5,589 | *6.125% 7/1 ARM 40 Year |\n| Property Tax | $1,303 | Estimated |\n| Hazard Insurance | $292 | Estimated |\n| Total Housing Payment | $7,184 |  |\n\nQualifying for a loan  \n\n| Total housing payment | $7,184 |\n| --- | --- |\n| Car Payment | $400 |\n| Credit Cards(minimum payments) | $250 |\n|  |  |\n| Total Monthly Debt | $7834 |\n|  |  |\n| MGI (Monthly Gross Income) needed\u003Cbr>to qualify | $17,481 |\n\nDTI: Debt to Income Ratio  \n45% is the percentage taken from your gross monthly income to qualify for your total monthly liabilities  \nPayment Example \\#2  \nA couple has $100,000 in liquid funds to put down on a condo purchase. They have set a housing payment budget of no more than $7,000.00 per month.  \n*Using 5/5 ARM 30 YR term @ 5.75%*  \n\n| Purchase Price | $900,000 |  |\n| --- | --- | --- |\n| Down Payment | $90,000 | 10% |\n| Monterra Loan | $810,000 |  |\n|  |  |  |\n| Principal & Interest payment | $4,727 | *5.75% 5/5 ARM 30 Year |\n| PMI | $263 | Estimated |\n| Property Tax | $938 | Estimated |\n| Hazard Insurance & HOA | $600 | Estimated |\n| Total Housing Payment | $6,528 |  |","cbCaiiwXUWynEN2Y","https://ap.wps.com/l/cbCaiiwXUWynEN2Y","pdf",2544162,22,"English","# Glossary of Terms\n# Mortgage Pre-Approval Process\n## Budget & Affordability\n## Required Documents\n## Your Credit Matters\n## Payment Example #1\n## Payment Example #2","[{\"question\":\"What is the mortgage pre-approval process and what does the lender evaluate?\",\"answer\":\"The lender uses income, credit, debt, and liquid assets to determine purchasing power and qualification. Each element is used to assess affordability and eligibility for the mortgage rate.\"},{\"question\":\"Which documents are required for mortgage pre-approval?\",\"answer\":\"Required documents include current paystubs (30-day coverage), the last two years of W-2s, social security/pension award letter and Form 1099, the last two Federal tax returns (Form 1040 with schedules), and recent bank/retirement/stock statements covering a two-month period (or last quarterly statement if quarterly).\"},{\"question\":\"How does credit score affect the mortgage rate and qualification?\",\"answer\":\"Monterra pulls credit from all three bureaus and uses the lowest middle credit score among borrowers for qualification. Higher credit scores generally correspond to a lower rate, while lower scores correspond to a higher rate.\"}]","Homebuyer Seminar Your Path To Homeownership - Mortgage Pre-Approval Process - Checklist | PDF",1789536225]