Before you meet with a Realtor and start house hunting, it is a good choice to talk to a loan officer and make sure you can qualify for the type of mortgage you want. Once you have an idea of what kind of mortgage will be best for you, learning the next steps and how to be prepared is the next step. One of the best places to start is schedule and appointment with a loan officer to get pre-qualified. It's a BIG step. you can get the process kicked off to a smooth start. Lenders will need lots of documentation to get you approved for a mortgage, and the more you bring upfront, the less you will have to do later. Knowing what your loan officer needs ahead of time will put you in front of the game. Let's go through the steps: | 1. The Money! Hopefully you are able to put down payment on your home. Do you know how much you need? Check with your bank account and see how its doing. You will need money for the down, and other expenses that go with along with the purchase. 2. Monthly Bills How much are you comfortable spending each month. Work on your budget before you work with a loan officer. If the loan officer tells you, that you are approved for a certain amount, make sure it works for you, also if it includes taxes, insurance and/or mortgage insurance. 3. What do you need to bring We have a list (check here) of things you will be asked for, but just to give you an idea: Current paystubs, W2's, current bank statements, last 2 years tax returns, any income documentation besides paystubs. and photo id's. This will get you started. Once you have started here, you should have a pretty good idea on where your financial situation stands. Make sure to ask your loan officer any question you may have. You can even get a pre-qualification letter to present to your Realtor, this lets them know you are ready and they can write a strong offer on a home. If you let the buyers know you're a serious buyer, it is advantageous if you are in a multiple offer situation! |
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AuthorMortgage Professional in San Diego Archives
February 2016
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