Start with a Personal Meeting with a Reputable Mortgage Lender
More than 80% of all home buyers will need to borrow money from a bank or mortgage company to be able to purchase a home. Getting a mortgage loan is probably the most intimidating part of the process of buying a home for many, particularly if this this is your first home purchase. You’re not alone. My advice: Find a great mortgage lender to join your team – someone who is organized, responsive, thorough and knowledgeable about the underwriting guidelines and requirements, and has access to a variety of loan products to meet your specific needs. Josey Miketa at HomeServices Lending is the lender to whom I refer most of my clients. Josey is conveniently located in our office to serve our clients. Having a lender you can meet with face-to-face rather than just a voice on the telephone makes an enormous difference in completing the loan underwriting requirements to get you to the closing table smoothly, and on time.
Gather Your Financial Information
The first step in your home buying journey is getting pre-approved for a loan. Your lender will ask you to provide some basic information including your income and debts and how long you have been employed at your current job. She will also review your credit scores to determine how much you are qualified to borrow to buy your home. The available interest rate and the amount of your down payment will impact your buying power, as well.
Get Your Pre-Approval Letter
Once you have a Pre-Approval Letter from your lender, you are ready to start looking at houses. Sellers often require a copy of a Pre-Approval letter from a lender to accompany your Offer to Purchase and Contract. This gives the Seller a greater degree of confidence in your offer, and lets them know that you are serious and prepared.