GETTING PRE-APPROVED
Once you have an idea of the type and size home you want, as well as area you’d like to look in, you need to get pre-approved by a lender. By doing this before looking for a home, you’ll save yourself me, energy and frustra on. A pre-qualifying loan will: Determine how much home you can afford Pre-approval helps you avoid buying less home than you can afford or being disappointed if you don’t qualify for as much as you had hoped. Show your total investment You’ll know approximately how much money you’ll need for a down payment and closing costs Let you know your monthly payment You’ll have a close es mate of what your monthly principal, interest taxes and insurance (PITT) will be. Iden fy the loan programs you qualify for With the wide variety of loan programs available, it is important to know which types you qualify for and which will best suit your needs. Strengthen you offer Sellers are more inclined to accept realis c offers when they know that you have taken the me to be interviewed by a lender and can qualify for a loan. Your lender can also help you determine alterna ves and strategies that will help you buy the home of your choice.
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Special first me homebuyer program
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Co-mortgage financing
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Debt consolida on counseling
In order to be pre-approved, the lender will need to know: Your employment history and income Your monthly debts and obliga ons The amount and source of cash available
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