CIA Credit, Income, Assets Explained

We want to get a mortgage. There's a pre-approval process. What is that? >> So, I'm going to make up jobs for these two people. Now, the process for me needs to understand what are they doing for an income? Are they learning? Are they in school? Are they working? Are they starting? You know, do they run a business? Let's just assume for argument sake that is a is an accountant and she has a set salary. She gets a bonus periodically. And Mosha is let's call him a nursing home administrator. He's been in the business for four years. He's got his eyes on the gold, but he's been in the business for four years. He's got a set salary. He's got performance bonuses that he can get if he meets certain criteria. They come to me and they want to figure out if they can buy a certain home. So, there's a few I actually break it down. It's called the CIA. Credit, income, and assets. >> Those are the three pillars for what it really takes to see if you can get approved for a mortgage. The credit is crucial. What your score is makes a massive impact. It makes such a massive impact on what type of rate you're going to get, what type of product you could even get into. Really, >> some of the loans that are called jumbo loans have minimum requirements and if your score is a 719 and you're trying to buy a home putting down X amount, you can't even get a loan with them.