Resources

Whether you're a first-time homebuyer, seeking to refinance, or facing a unique situation, Billy is here to help you explore and understand all your options. With expertise in Minnesota Housing programs and a deep understanding of the Northeast Minneapolis mortgage landscape, Billy is committed to guiding you towards the home of your dreams.


From assisting first-time homebuyers with bad credit to providing personalized solutions, Billy's dedication ensures that you receive the attention and support you deserve. Trust Billy Anstett to navigate the complexities of the mortgage process and make your homeownership aspirations a reality.

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

Embark on your path to homeownership by taking the first step of applying for pre-approval. To streamline the process, we recommend gathering the following items as mentioned above.

Once we have received all the requested documents, we will promptly schedule a meeting to discuss your mortgage options, guide you through the home buying process, and issue your pre-approval.

Now, it's time for the exciting part – start the search for your dream home! With your pre-approval letter in hand, you'll demonstrate to sellers that you are a serious buyer, making your offer more enticing and likely to get accepted. 

Congratulations on finding your dream home! Once your offer is accepted, an important step awaits – locking in your interest rate.

Once your offer is accepted and you're on your way to homeownership, the next steps involve ordering the necessary appraisal and title work.

Exciting news! Once all the necessary documents have been collected, they are sent to our expert underwriting team for a comprehensive review.

After the completion of the underwriting review, we will provide you with the final figures for closing. You're almost there!

Congratulations! You've made it to the final step of your home buying journey. All that remains is attending the closing appointment with your driver's license in hand and receiving the keys!

Mortgage Calculator

Curious about your potential monthly mortgage payment for a future home? Discover the power of our mortgage calculator tool to initiate the conversation about homeownership. Explore the possibilities and gain valuable insights into your financial planning journey today!

Common Questions

  • What are your business hours?
    Describe the item or answer the question so that site visitors who are interested get more information. You can emphasize this text with bullets, italics or bold, and add links.
  • 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?
    Describe the item or answer the question so that site visitors who are interested get more information. You can emphasize this text with bullets, italics or bold, and add links.
  • 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 specifically the Billy Anstett Team, wants 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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