RESOURCES

Your Mortgage Resource Center

Why Work with Luminate?

Our goal is to ensure you never feel lost while navigating the home loan process. That's why we offer a variety of clear and well-defined loan pathways tailored to different needs, including options for first-time homebuyers and individuals with less-than-perfect credit. We're dedicated to empowering people like you, assisting in your financial advancement, and helping you realize your full potential through the right financial solutions.

Client Focused Experience

Around the Clock Support

21 Days Average Loan Closing

4.9 out of 5 Star Reviews

Preparing for the Loan Process

Items Needed for Pre-approval

When you prepare for the pre-approval process, make sure you have these items ready to go to make things go faster:


  • W2s from the last two years
  • 1040 Federal Tax Returns from the last two years (all pages)
  • If you are a business owner, you will need business tax returns and K1s
  • 2 most recent paystubs
  • 2 months of recent statements for all assets (checking, savings, money market, retirement, etc.)
  • Driver’s license or passport
  • Other documentation may include: offer letter for employment, school transcripts, social security or pension award letters, divorce decree, bankruptcy papers, short sale documentation 
Download Mortgage Loan Process Guide

Pre-Qualified vs Pre-Approval

Pre-Qualified

Obtaining Pre-Qualification entails sharing your comprehensive financial details with us, which includes your debts, credit status, income, and assets. We'll evaluate this information to provide an estimate of the loan amount you could be eligible for.


You can undergo Pre-Qualification via phone or online, and it's completely free of charge. The process is swift, typically concluding within one to two days. Afterwards, you'll receive a pre-qualification letter, a checklist of necessary documents, and an initial loan estimate.


It's important to note that Pre-Qualification does not encompass an examination of your actual documentation. It relies entirely on the data you've supplied verbally or through your online application.

Pre-Approval

To secure an official Pre-Approval letter, you must provide all the requisite supporting documents as outlined in the list above. Our team will meticulously assess and verify the provided documentation before issuing an official Pre-Approval letter, specifying the maximum loan amount you qualify for.


Undergoing the Pre-Approval process places you, the buyer, in an advantageous position, especially in competitive markets. Sellers are more inclined to entertain offers from individuals who have demonstrated their commitment and readiness by achieving full Pre-Approval, showcasing them as serious contenders in the current demanding buyers' market.

Mortgage Loan Process

We work with you to come up with the very best solutions for your challenges!

1

Apply for pre-approval.

2

Upon receipt of requested documents, we will schedule a time for you to meet to review your mortgage options.

3

Start searching for your dream home!

4

Once your offer is accepted, your interest rate will be locked in.

5

Appraisal and title work is ordered.

6

Documents are submitted for underwriting review.

7

You will receive final figures for closing.

8

Attend closing with your driver's license and receive the keys to your new home!

FAQs

Got a question? We’re here to help.

  • Do we need to provide all of our information to get a rate quote?

    We can make assumptions but prefer not to since once we get your information it can change. There are over 25 different variables that go into the rate. Top variables are credit score, loan amount, loan compared to value, occupancy, and how much or if you want to pay what is called “discount points” to buy the rate down.

  • How long is a preapproval good for? How long does it take to get pre-approved?

    Preapproval is good for 120 days.  After that, information will have to get refreshed to extend that time. Preapproval can get done as quickly as one day or may take up to a week depending on how long it takes to receive your required information. 

  • What are the closing costs?

    The closing costs are mostly fixed costs associated with getting the loan. In addition, there are some variable items to set up escrow to pay for taxes and insurance at closing. Also, potential points to buy down a better interest rate or lender credit for a higher rate. General rule of thumb of 3% of the purchase price can be a good gauge for homes in the $275K to $375K range. 

  • What type of loan is this and what is the term of it?

    You can pick a lot of different programs and different loan types. We will help you decide which one is the most suitable for you. A 30-year or 15-year conventional fixed loan are the most common right now. 


    See our loan options here.

  • What happens at closing?

    Closing is typically 45 minutes. You will be required to bring your money (cashier’s check or send a wire of funds prior) to closing. You sign your name on all required documents about 50 times. While they are making copies, you are able to ask questions regarding your new purchase. For example, what’s the garage code, who do you use for utilities (water, electric, internet, gas, garbage, recycling, etc), what day is the garbage pick-up, how do you use the fireplace, furnace, A/C, items we need to know about the garden, yard, shoveling, how are the neighbors?

Calculate Your Monthly Payments

Have you ever been curious about what your monthly mortgage payment might be on a future home? Check out our great mortgage calculator tool to help start the conversation about homeownership!

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