Breaking Down the Mortgage Process
Financing a home or refinancing should be an exciting experience. Whether you’re a first-time home buyer or refinancing in order to upgrade the home you love. Take the correct steps to ensure you are not overwhelmed and you’re ready when the time comes.
We have a network of Mortgage Professionals that we work with. Our partners take the time to understand your specific housing needs, but more importantly they take the time to educate you about the different types of loans that you may qualify for, and that you understand the entire mortgage process, including the fees that commitments you will make.
Working with a Mortgage Professional is an important part of your real estate experience. If you would like to connect with one of our partners let me know. Send me a quick note and I will introduce you to a professional in your area who can handle your specific loan needs.
Knowing what you can afford, especially if you’re a first-time home buyer, will help you understand the type of home you can purchase.
Prequalification is an estimate of what you can afford to borrow. Is based on information you provide verbally about your income and assets, and a credit check.
- It is not guaranteed or considered any type of loan commitment.
Why get prequalified?
Getting prequalified is usually the first step in the home buying process. It allows you to estimate the mortgage loan amount and type that's right for you and when you're searching for a home, you'll know which homes are in your price range. Send me a note and we will help you with the process. Contact Me to Get PreQualified.
A mortgage preapproval takes you to the next level. Presenting a preapproval letter shows you’re a serious buyer, which can give you leverage in a competitive market.
Preapproval requires you to provide proof of your financial history and stability. The lender will verify your income, employment, assets and debts, and will check your credit report. You will need to provide information such as W-2s, current pay stub, summary of your assets and your total monthly expenses.
The preapproval letter states the amount and type of mortgage the lender is willing to offer, along with the terms. This is not a guarantee.