GET YOUR PRE-APPROVAL
Why make getting my mortgage pre-approval the first step?
Here are six really compelling reasons to do this thing.
1} You’ll know upfront which homes fit within your price range.
2} Experienced realtors will only show houses to prospective buyers who have a mortgage pre-approval.
3} A mortgage pre-approval will make your home buying experience easier from start to finish.
4} You’ll have the ability to make offers, negotiate price and terms, and even sign a contract to buy.
5} Early on in the process, your mortgage loan officer will be able to identify and address any issues that may affect your mortgage application.
6} The seller will take your offer much more seriously because you’ve already shown them that you’re a motivated buyer who is likely to close.
GATHER YOUR DOCUMENTS
To provide you with an accurate pre-approval, your mortgage loan officer will ask for a standard list of documents.
Depending on the loan program and your specific circumstances, your mortgage loan officer will usually ask you for additional documents.
THE STANDARD LIST
1} Most recent two years of W-2
2} Past two years of tax returns
3} Most recent thirty days of pay stubs
4} Color photocopy of driver’s license and social security card
5} Most recent two months consecutive asset statements (all pages even if blank) for all accounts (checking, savings, 401K, IRA, stocks, misc)
THE NEXT STEP
Once you’ve been pre-approved for a mortgage, it’s time for the really fun part… checking out homes! So, you’ll want to contact your real estate agent, and make them aware of the specifics concerning what you need and desire in a home.
MAXIMUM MONTHLY PAYMENT
While you’re checking out homes with your real estate agent, it’s wise to focus your mind on a maximum monthly payment instead of a maximum home purchase price. This way, you can be sure that you’ve made a budget that accounts for all your ongoing housing costs (not just mortgage principal and interest).
CALCULATE THE NUMBERS
You can CLICK HERE and play around with the numbers using my awesome mortgage calculator. And, should you have any questions, feel free to email me, text me, call me or book an appointment with me. I look forward to chatting with you!
EMAIL ME
Paul@BestMortgageInTexas.com
CLICK HERE to book an appointment with me.