When should you get financing? Back to the Homepage

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When Should You Get Financing?

Want to know how much you can afford to pay for a home?

Talk with your lender and tell them you want to be prequalified for a mortgage. Pre-qualification is unofficial. Prequalification is when a lender gives an estimation of how much it can loan you without any background checks. The lender relies on information given to them by you. Because it is more informal, the lender can also decide not to give you a loan later on in the mortgage process, when they seek concrete information. This pre-qualification simply provides information as to the price range of home you may be able to purchase.

Want the most powerful financial backing available when you find the home you want?

   » Want to be confident you can get a mortgage once you find your dream       home?
   » Want greater confidence when you write an offer?
   » Want to take some of the stress out of buying a home? Want greater       negotiating power?
   » Want to shorten the length of time between an accepted offer to purchase       a home and your closing date?

Yes? Then talk with your mortgage company now. Tell them you want to be preapproved for a home loan. Having a preapproved loan puts you in the stronger position as you negotiate for your home.

Pre-approval of a mortgage could make the difference between getting the home you want and settling for second best. When offers to buy a home come with a pre-approval of financing, sellers are more comfortable accepting the offer knowing they will not likely be disappointed later should a home loan not be given to the buyers.

Pre-approval is a thorough check of credit and other documents as well as income and employment. Pre-approval is specific and verified. It let's you know when you find a home in the price range you can afford you can comfortably make an offer knowing you can get the mortgage to buy it. In order to move this process along more quickly, make sure you have the information the loan officer will need.

Review this list and take all the information you have with you on your first appointment…..it will save a lot of time!

   » Completed loan application
   » A home purchase contract executed by all parties
   » Pay stubs for the past 30 days
   » W2 forms for the past 2 years
   » Federal tax returns for the past 2 years if borrower is self-employed, owns       rental properties, or receives a substantial amount of income from an       unconventional source
   » Name and addresses of employers for the last five years
   » The name, address and account number of your current mortgage
   » YTD Profit and Loss Statement if borrower is self-employed
   » Divorce Decree and Separation Agreement
   » If alimony or child support is being used as income to quality for a loan, you       may need proof of amounts
   » Asset statements from all asset accounts for the past three months       showing sufficient funds to close, and any pre-payments that may be       required
   » Savings account numbers and addresses of same
   » Mutual Funds account numbers and addresses
   » Serial numbers and face value of U.S. Savings Bonds and other stocks.
   » Credit card account numbers
   » List of assets including insurance policies, cars, furniture, etc.
   » Verification of rental history if you currently rent
   » List of current liabilities including account balance, monthly payment and       account numbers
   » Gift letter if applicable (lender will provide official form to use)
   » Letter of explanation for any credit issues or any gaps in employment
   » Any lender bankruptcy judgment papers
   » Certificate of Eligibility if you are applying for a VA loan

Talk With Your Realtor

Find a Realtor that will concentrate on helping you find a home you want at the price you can afford. Find a Realtor that will make your home purchase a stress free experience and a smooth process.

"The Smart Choice"
Call Donna
803-644-1735
dtaylor@meybohm.com

Tips on selling your home | What every agent owes you
Buying a home | Mortgage Calculator

Donna Taylor
dtaylor@homesofaiken.com
Direct: (803) 644-1735
Cell: (803) 640-9423

Kasey Craven
kcraven@homesofaiken.com
Direct: (803) 644-1749
Cell: (803) 295-2785

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