Home Shopping Tips:
Is Now the Time to Buy? How to get ready to make an Offer? What preapproval letter works best?
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Hi {!My Friends},
Some potential home owners are on the fence wondering if they should wait until next year, or start shopping for a home now. The good news is, when you do decide to buy a home, you start building equity immediately. Here are some things to consider before you start shopping for a home.
Check Your Credit Score
Review a copy of your credit report (before the lender does) and make sure there are no errors. Get a mortgage report it's different than a consumer report. If you do find errors in your credit report, they can be disputed. Of course, a higher credit score will secure you a better interest rate. Map out how to pay down or pay off outstanding debt, if possible.
Have Your Documentation Ready
When you apply for a mortgage, you will need:
- Proof of Identity – Have your government-issued ID or driver’s license, social security card and birth certificate or passport.
- Proof of Income – This includes at least one month’s paycheck stubs, unemployment payment records, and any other documentation of regular income such as alimony or bonuses.
- Tax Documents – Be ready to show your last two year’s tax returns, including W-2 and/or 1099 forms.
- Bank Statements – The lender will want to look at your banking activity for the last 60 days to know you can manage your down payment and closing costs with sufficient cash reserves.
- Monthly Debt Documentation – Have your paperwork in order to document student loans, car loans, credit cards, etc. to establish your debt-to-income ratio. If you have no credit history, utility bills or records of other regular payments may be used to help you qualify for a mortgage.
- Additional Assets – Have documentation ready to support any additional savings, stocks, bonds, securities, etc.
Get Pre-Approval
By having written pre-approval from a lender, you know exactly how much home you qualify for. This helps you manage your expectations – and when you do make an offer – the Seller will consider it to be more valid.
We have a wide variety of loans to choose from. Give us a call to find out what program works best for you! (949) 784 -9699
Sincerely,
{!User.FirstName}
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