I get asked so frequently, "why should I get Pre approved or Pre qualified before looking at homes?" It is very important to do this before looking at homes! It's important for many reasons too! You want to make sure your qualified to make a purchase, to ensure your looking in the right price point, and also makes it so you are able to write an offer quickly! Nothing is worse then finding the PERFECT house and then taking the time to get qualified and before you know it, the house has been purchased by somebody else!
By Pre Qualifying your not only made aware of the general amount of money you will be able to borrow, you will also learn about your current financial situation as it relates to purchasing a home. You will also be given tips on how to improve or change your financial status, if needed, to better meet your home purchasing goals. Also included is an education about loan programs that you are qualified for and that will help meet those goals.
Pre approval is becoming conditionally approved for a specific home loan, prior to finding and making an offer. The dollar amount specified for approval is based on your personal level of comfort.
Documents that your loan officer will need at your first appointment include
-Income: One month of paystubs and 2 years of W2 forms and federal tax returns.
-Assets: Previous 2 months worth of savings, checking, and retirement account savings.
-Debits: Complete a list of credit debts displaying: creditors balance owed and monthly payments.
-Other: Divorce decrees, bankruptcy papers, and rental agreements.
Depending on your own personal situations the amount of documentation may be different. If your looking for a great loan officer to work with, call me today. I will help point you in the direction to make purchasing a home reality! Heather 503 975 3483
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