Do get pre-approved loan. Getting a pre-approved loan is one of the first and important steps in the home buying process. Having a pre-approved loan will let you know exactly how much you're able to afford before you begin your home shopping. Here are the steps on obtaining a pre-approved loan:
1. Shop for the best loan programs and rates. You can do this by visiting or calling the lenders or you may even do it online. If it's possible, go to someone someone highly recommended by someone you trust. You may also ask your friends who have gone through the home buying process. They may be able to share some information on who or which lender you should go with.
2. Choose the loan program that best suits your personal and financial needs and capabilities. Think about how long you will stay in your new home or if your income will be increasing in the future.
3. Supply your lender with the requirements. The requirements would be: most recent recent two years' W-2 forms; most recent month's pay stubs; the last two years' federal tax returns; your purchase agreement (if you already have it); profit and loss statements (if you're self-employed); most recent two years' corporate returns (if you own a corporation); your last three months' bank statements on all accounts (to verify down payment); bankruptcy papers (if applicable); and a completed loan application.
4. Wait for the lender's approval. The loan process might take from one and a half to three weeks. It usually takes longer if you have incomplete requirements.
Keep in mind that having a good credit history makes it easier for you to obtain a loan. So make sure you always pay your bills on time.
No comments:
Post a Comment