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Resources

Mark Henderson and his Minneapolis mortgage team are ready to coach you through the homebuying process, and that means ensuring you have all of the right tools at your fingertips. Our mortgage resources page is full of information for you to browse and answers some of the most commonly asked questions that we receive.


Whether you're a first time home buyer, you're looking to refinance, or have a unique situation, we'll help you understand all your options, so you can have the home of your dreams.

Preparing for the Loan Process

Items Needed for Pre-approval

  • 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.


Information Sent to Your Realtor

We will send an email to your realtor, explaining the program you are approved for, closing costs needed, and any other details they may need to know.

Loan Options

Mortgage Loan Process

The mortgage loan process can seem complex to many, but we'll work with you to guide you through every step so you never feel lost or overwhelmed.

1

First things first—apply for pre-approval via our "Apply Now" button at the top of this page!

2

Once we receive your requested documents, we'll schedule a time for us to meet. We'll review your mortgage options, talk about the home buying process, and issue your pre-approval.

3

Now the fun starts and you can start searching for your dream home!

4

Once you find a home and your offer is accepted, your interest rate will be locked in.

5

Next, we'll get your appraisal moving and title work will be ordered.

6

Once the appraisal and title work are complete, yourr loan will be sent to Underwriting Review.

7

When you receive final figures for closing, you know you're almost there!

8

And the final step—attend closing with your driver's license and receive the keys to your new home!

Mortgage Calculator

Common Questions

  • What are your business hours?

    I am available anytime for our clients’ needs.  We understand that our clients will be shopping for homes on the weekends and after regular banking hours.

  • 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.

  • Do you guys do a hard credit pull/inquiry?

    Yes, we have to do a hard credit inquiry so we know your credit score. Lenders use a mortgage model which is most of the time different from what the free services give you. The free credit services give you an idea of where you might be, but the score may not be accurate. Credit is one of the major factors that affect interest rates.

  • How long is a preapproval good for?

    Preapproval is good for 120 days.  After that, information will have to get refreshed to extend that time.

  • What happens at closing?

    It’s a celebration of all of our hard work and a bunch of signatures! Funds are collected, the title is recorded, keys are handed over, and the homeownership process is complete!

  • How long does it take to get pre-approved?

    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 am I approved up to?

    People are approved up to a certain monthly payment amount: Having to back into that amount by taking into consideration monthly insurance, taxes, etc. Then we also back into purchase price based on down payment.  It is always more important to find out what your ideal maximum monthly payment comfortable level is versus your maximum monthly payment qualification amount. 

  • 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. 

  • Who do I pay and when?

    Inspections will have to be paid at the time of the inspection. Earnest money is usually paid at the time that your offer is accepted. Sometimes appraisals are paid at the time of the appraisal (other times it will be collected at closing). The remaining items are paid at closing. 

  • When is my first payment?

    Typically, 30-60 days from closing.  Due on the 1st of each month with a 15 day grace period.

Want your free guide to our mortgage loan process?

The mortgage loan process can seem complex. Luminate and Mark Henderson want to ensure you feel educated as you move through the process. This resource packet will outline the steps you will take with Luminate as you work towards your mortgage loan.


And the best part? It's free for you to download any time! Simply input your info below to get access.

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