Need a Loan?
Apply With a Mortgage Lender
I urge my clients to talk to a mortgage professional as soon as they decide that they are interested in purchasing a home.
This is advised because people may need to spend time saving more money, increasing their incomes, or cleaning up their credit before they are legible to purchase a property.
I would like to have these issues handled before you fall in love with a home rather then have to watch it be sold to someone else because we weren’t prepared to buy. This process also helps everyone involed define the appropriate price range to pursue.
Once a lender is selected, they will request permission to run your credit report and inquire information regarding your:
Finding The Loan That Is Right for You
Assuming the information provided in satisfactory, the lender will be able to tell you how much you can afford to borrow. Regardless of this amount, please make sure the monthly payments for this particular loan will also meet your comfort level.
I recommend you ask your mortgage professional what documentation you will need to provide and if there’s any specific advice they can provide regarding best practices for your specific loan type. Being well prepared upfront will help the laon process run smoothly and potentially avoid any unwelcome surprises.
What Comes Next? Your Pre-Approval Letter
Once an appropriate figure has been determined, your mortgage professional will be in a position to forward a pre-approval letter to me, your REALTOR, so it can be presented to a listing agent when writing a purchase offer.
This letter confirms your financial strength and demonstrates you have the ability to be approved for a specific type of mortgage financing. This information is crucial to owners as they will be reluctant to accept an offer from potential buyers who may or may not be able to successfully obtain mortgage financing.