Buying a home is one of the most exciting events in your life and is likely to be the most expensive purchase that you will ever make. Before you make a commitment, make sure you are ready.
Are You Ready to Be a Homeowner?
It is critical that you consider the many factors involved in owning a home. Have you saved enough money for a down payment? Are you ready for the additional expenses, like taxes, insurance and maintenance? Are you sacrificing your retirement contributions to own a house? Can you only afford a home very far from work or family?
So, where do you start?
- Getting pre-approved is the first step after deciding you want to be a homeowner. Your 3 C’s will determine your purchase power: Capacity, Collateral and Credit. Consulting with a loan officer in the beginning will keep you within these limits and ultimately save you time and frustration while shopping for a home.
- New guidelines require full documentation for loans sold through the prime markets forcing lenders to double up on their standards. Consulting a loan officer upfront can help eliminate potential speed bumps in advance that could hurt your approval. The last thing you want to do is get too far into a purchase transaction and have to back out because of an issue that could have been anticipated.
- Strengthen your offer. Realtors will generally ask for a pre-approval before working with you, but Pre-approvals can also help your chances of getting your offer accepted ahead of others when multiple offers are present.
Make shopping for a house easy. Contact us for a free consultation and receive “a same-day Pre-Approval”.
We just need:
- Past 2 years tax returns
- Current paycheck stubs
- Account statements for the down payment
- Credit report