Your number one priority before you begin your new home search is to meet with a mortgage professional to determine what you are qualified to buy.
In a competitive real estate market, you want to be preapproved and know what price point you should target in your search. Even if you feel that your credit score is high enough to get the loan of your choice, be prepared to provide documentation that attests to your creditworthiness.
You will need to show your lender several items that will verify your income and assets. If you constantly stay on top of your personal documents, then lining up your financing at any given time should be much easier. If you know purchasing a home is in the near future for you, start a folder/box with all income/asset information you receive in the mail. Many times, you can pull requested information off their respective websites. This information should help you make the decision as to whether or not you are ready to start house hunting.
Your lender will look at your debts and may recommend that you pay off or pay down some debts even though you have been timely in your payments. Lower debt will improve your debt ratios. Since this may take some months to accomplish, it is important to start the loan process as soon as you can.
If you aren’t in a position to move forward when having your first consultation, a great lender (like The 2 Mortgage Guys) will give you recommendations on what steps to take to be able to move forward with purchasing a home.
By going through the preapproval process, you can narrow your home search to homes that you can comfortably afford. A successful preapproval gives you a written letter that you can give to your real estate agent showing that you are a qualified buyer and in what price range.
Many agents don’t want to spend time taking prospects around to homes unless they produce preapproval letters. In fact, many homeowners and selling agents now REQUIRE a preapproval letter before touring homes.
A call or email is all we need to get things in motion for you and get your financing in order so you can be a strong buyer. We’re always here to help!
Call our office:
765-450-8933
Office Hours: Mon-Fri 8:30-5:00
Indiana 203k Mortgages
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