Prior to your home search you should, contact a mortgage lender to know what you can afford and how much you are pre-qualified for. Speaking with a licensed mortgage originator will help you understand your buying options, how much your estimated mortgage payment will be, program options and rates, and how much will be required for down payment. There are a number of mortgage options available, so this is imperative in the home buying process.
What to have ready:
- Two years of tax returns and/or W2s
- Most recent 30 days’ worth of paystubs
- Copy of driver’s license
- Most recent asset statements
- Two years of address history
- Two years of job history
From here, a mortgage representative will check your credit, run your financial data, and qualify you for a loan.
There are two advantages to getting pre-qualified:
- It gives you the peace of mind of knowing you can afford homes you view on the market and won’t have problems arranging financing.
- It’s a sign to sellers that you are a serious, prepared buyer – which gives you the edge when making an offer.
It may seem like a scary process, but it is actually straightforward. You can usually get pre-qualified in a day. You’ll be glad that you did.
Logic Realty has a network of mortgage professionals that we work with. If you would like to connect with one of our partners, please contact us and we will introduce you to a professional in your area who can handle your specific loan needs.