Why get Pre Approved?
It is best that you take this step BEFORE looking at homes. Finding out what you qualify for will help you look in the right price range. Believe me, you will be disappointed if you find your dream home and later find out that it is completely out of your price range. By the same token, you may qualify for a home that is more expensive than you originally thought. Getting Pre Approved will help in the following ways:
Determine how much home you can afford
We
can determine how much you will qualify for before you start looking.
We can show you different financing options (Fixed, ARMs, Interest
Only, No Money Down) you qualify for and determine your purchasing
power with each one.
Know what your monthly payment will be
You
don’t want to blindly make an offer on a house without figuring out the
monthly cost of owning that house. Based on your desired monthly
payment, funds available for a down payment, and how long you plan on
living in the home – we can help determine the right loan program for
you.
You become a legitimate buyer
In
today’s market, buyers aren’t the only ones concerned with whether or
not they can get financing. Buyers with a pre-approval in hand have an
obvious advantage as they are basically cash-buyers at that point.
What does it take to get approved?
It’s
easier than you might think! After a short phone call, I can provide
you with your credit rating, the loan amount you qualify for, and a
list of items necessary to complete your approval.
Generally, if you have a few basic items ready to fax, we can provide you with a Pre Approval letter. These items include:
Full legal names, Social Security Numbers and Birthdates for all borrowers
Amount you plan to use for a down payment
The Last Two Years W-2’s (or last 2 years tax returns)
The Most Recent Pay Stubs from All Employers to Cover a 30 Day Period
All
Pages of the Last Two Monthly Bank, Brokerage, Mutual Fund, and
Retirement Statements (Only One Complete Statement Necessary if
Statements are Quarterly
Verification of 12 Months Rent/Mortgage History
At
Hometown Lending, we always work with your specific goals and situation
in mind, and are always happy to provide you with your options so you
can make an informed decision.
Get
started today towards buying your new home or refinancing the one
you’re in. Simply fill in the form below, providing a description of
your situation, as well as the best means by which to contact you, and
I will be in touch to get you started on the right track.