Looking for a home? Here are 7 important steps to helping you get approved for a home loan 1. Improve your credit score Do you know what your credit score is? Knowing your credit score and what shows up on your report is great way to preparing for home ownership. A score of over 620 is required to get a good home loan. 2. Budget Decide on a budget. Getting pre-approved will help you know what you are qualified for and can help you balance your household budget to make sure that you are comfortable with the monthly payment. 3. Get a PRE-APPROVAL We have written before about the pre-approval process and why it so important (check our archives). This helps any seller know that you are a ready and willing buyer and will follow through with the purchase. Also it shows that you have committed to buying, since it involves showing your documentation of income and debts to a qualified lender. | 4. Organize your Documents When getting pre-approved your loan officer will ask for paperwork to help prove you are a qualified borrower. Be prepared to pull bank statements, pay stubs, previous taxes and W2's along with identification. 5. Do NOT Make any Last Minute Mistakes When you commit to a property and a loan there is a time frame to get to the end of the process. Towards the end of escrow and before documents to finalize the loan, the lender will recheck your credit and employment status. Don't:
Yes, there are mountains of paperwork, each and everyone of them cover what it takes to purchase a home. After all of the paperwork is signed it will take just a few more days to become a new home owner and get the keys! |
And Most Importantly!
7. Choose a Great Lender! The most important step you can take is to find a great lender that will guide you through the process and answer all of your questions along the way. They should be knowledgeable, experienced and responsive.
7. Choose a Great Lender! The most important step you can take is to find a great lender that will guide you through the process and answer all of your questions along the way. They should be knowledgeable, experienced and responsive.
Contact us today to get started: All Western Mortgage - 619-569-7283 - 619lowrate.com - Alex Shamonin