HI, I'M ALEX

I Help Southern Utah Families Find &
Qualify for A Mortgage Loan

HI, I'M ALEX

I Help Southern Utah Families Find &
Qualify for A Mortgage Loan

HI, I'M ALEX

I Help Southern Utah Families Find &
Qualify for A Mortgage Loan

Learn How You Can Buy, Build, Or Refinance 


I WANT TO PURCHASE A NEW HOME

I WANT TO REFINANCE MY HOME

I Am Kind of Like Your Map ​
Choose Below And Tell Me Which Route You Want To Go 


Pillar 1: Your Credit Score

A credit score is a three digit number, typically between 300 and 850, which is designed to represent your credit risk, or the likelihood you will pay your bills on time. A credit score is calculated based on a method using the content of your consumer file.

Your credit health is a key indicator to whether you are likely to pay back the mortgage loan. Your credit scores will dictate what loan programs are available to you. For a score with a range between 300-850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most credit scores fall between 600 and 750. Higher scores represent better credit decisions and can make creditors more confident that you will repay your future debts as agreed.

We will pull your credit and analyze your credit profile to see what loan programs best fit your home buying goals.

The 4-Pillars To Your Pre-Approval!

      Before you and your Real Estate Agent hit the pavement to find your new home we HIGHLY recommend you sitting down with a professional mortgage lender to analyze your financial documents and issue you a pre-approval letter. Below are the 4 pillars of a pre-approval, and I will show you what we look for when analyzing your financial documentation.

List of Documentations We Need:

  1. 2 Year Past W2's
  2. 2 Year Past Tax Returns
  3. 2 Most Recent Paystubs
  4. Copy of Drivers License

Pillar 3: DTI (debt-to-income)

The debt-to-income (DTI) ratio is a personal finance measure that compares an individual’s monthly debt payment to his or her monthly gross income. Your gross income is your pay before taxes and other deductions are taken out. The debt-to-income ratio is the percentage of your gross monthly income that goes to paying your monthly debt payments.

Here is a simple ratio we follow to calculate your DTI

Monthly Debt Obligations + Proposed Mortgage Payment / Gross Monthly Income = DTI

Debt to income is a quick snapshot to analyze the overall health of your financial life. All loan programs have specific DTI requirements, so depending on the loan program we pick for you will dictate what your DTI must be under. 

What To Do Next?

Now that you know exactly how the pre-approval process works it is time to gather your documents and schedule a meeting with me so we can get you pre-approved. Fill out the pre-approval quiz and I will call you with your results!

Pillar 2: Down Payment

     The down payment is a portion of the total sales price of your home, which you give to the home’s seller. The rest of the payment to the seller comes from your mortgage. Different loan programs will have different minimal down payment contributions. Whether you have a saved down payment or not, we have loan programs designed to meet your needs.

Some common misconception about down payments are the following: You need 20% of the purchase price saved for a down payment to be able to qualify for a home. This is not true. Academy Mortgage offers loan programs that have 0% required contributions that include: USDA loans, VA Loans, and Utah Housing Loans.

If not having a down payment is stopping you from trying to get pre-approved you may be missing out on owning your own home.

Pillar 4: Job History / Income

Borrowers are typically required to be employed for a certain period of time before they can qualify for a mortgage.  The employment history requirement for a mortgage is generally the same across all lenders and loan programs, although there are some variations to the guidelines, as outlined below.  The employment history guidelines also vary depending on the type of work, with self-employed and part-time or seasonal work typically requiring longer work histories and allowing less flexibility or exceptions. In general, borrowers are required to have a two year employment history to qualify for a mortgage although there are certainly cases when borrowers with shorter work histories are able to qualify.

Take Our Pre-Approval Quiz Below

"


Alex is super friendly and an all around great guy! he works extremely hard and yet is always available. he genuinely cares about his clients and wants only the best for them. 


Rashell W.

"


Alex is a pleasure to work with. He really was helpful and great at keeping us informed the whole way. We would recommend Alex to anyone looking to refinance or new home buyers.


Jennifer D.

"


Alex is one of the most honest and trustworthy people I've ever met doing business with him is a pleasure!


Sebastian T.

Mortgage Education 101

Rates are low… Is it worth it to refinance?
With interest rates dropping to lows we haven’t seen in over 20 months most mortgage lenders are screaming from the[...]
#AskAPro with Jessica Staples and RSQ Dogs in St. George Utah
Getting out in the community and meeting the business owners, volunteers, and workers that drive the St. George Utah local[...]
This Is How You Can Get Rid Of Mortgage Insurance….Or Avoid It Entirely
Hey everyone, Alex Hernandez here. Your Utah mortgage officer where I help you find and qualify to buy your next[...]
Your Interest Rate Explained
I absolutely hate it when I see mortgage lenders and companies promoting and marketing super low interest rates that only[...]
Your Mortgage Payment Broken Down
Hey everyone, Alex Hernandez here with Academy Mortgage here in Sunny St. George Utah. Something that I see everyday when[...]
Buying a home in St. George Utah with Little to No Money Down
You may have been taught that you need 20% for a down payment to buy a home...Although that is not[...]