A majority of buyers in this market will need to secure some sort of financing to purchase a home. The good news is, as long as you have a good credit score and steady, verifiable income, it is fairly easy to be approved for a home loan. The great mortgage brokers we recommend can guide you through all the documentation you will need for loan approval. Those typically are: permission to pull your credit report, you will provide 2 months of pay stubs, 2 months of bank statement plus 2 years to tax returns & you will fill out the typical loan application forms. They will also need to verify where, if any, your down payment funds are coming from. As long as the lender can verify all of the information you can get your loan PRE APPROVED in as little as 1 week. There are actually two kinds of lender qualifications: Pre-Qualified – which manes, the lender pulled your credit and you ‘told’ them how much you made in income. Then there is Pre-Approved which means the lender has seen the documentation, your loan has already been approved, you just need to pick a house!
Getting Pre-Approved makes you a much stronger buyer to a home seller than just a Pre_Qualification. So, I recommend you get pre-approved, especially in this competitive market.
Also, be very careful with your finances while shopping for a home. I’ve had people do the following things that cost them to lose a house:
- Buy a new car
- Buy new furniture
- Buy new appliances
- Quit their job!
Don’t do any of those things until AFTER you close on your home. Then you can shop til you drop.