Prior to your home search, you should contact a mortgage lender to know what you can afford and how much you are pre-qualified for. Speaking with a licensed mortgage originator will help you understand your buying options, how much your estimated mortgage payment will be, program options and rates, and how much will be required for a down payment. There are a number of mortgage options available, so this is imperative in the home buying process.
What to have ready:
- Two years of tax returns and/or W2s
- Most recent 30 days’ worth of paystubs
- Copy of driver’s license
- Most recent asset statements
- Two years of address history
- Two years of job history
From here, a mortgage representative will check your credit, run your financial data, and qualify you for a loan.
There are two advantages to getting pre-qualified:
- It gives you the peace of mind of knowing you can afford homes you view on the market and won’t have problems arranging to finance.
- It’s a sign to sellers that you are a serious, prepared buyer – which gives you the edge when making an offer.
It may seem like a scary process, but it is actually straightforward. You can usually get pre-qualified in a day. You’ll be glad that you did.
Logic Realty has a network of mortgage professionals that we work with. If you would like to connect with one of our partners, please contact us and we will introduce you to a professional in your area who can handle your specific loan needs.