Getting Pre-Qualified Financing

It is time to start living the “American Dream” and buy your own home. Wow! The excitement builds inside of you as you have these images in your mind of the perfect home to raise a family. First, you call a Realtor. You also begin to search local papers, the Internet, and real estate magazines with decorating ideas floating through your mind. Nowhere in the initial butterflies were you thinking about a word like financing. Make it easier on yourself and take the first step to successful financing.

Getting Pre-Qualified

Who to call? What to do first?
Save yourself time and get pre-qualified for your home loan. Thinking that the first step in financing your new home is going to be much trouble? You better think again. This can save you a lot of disappointment if a lender turns you down for financing after you have found the home of your dreams, all because you didn’t take the time to get your finances analyzed by an expert. Find a trusted Realtor or a mortgage lender that can help through this process. In most cases pre-qualified does not cost anything and you are not committing your finances at this point to buy a home. Getting pre-qualified isn’t a commitment just a chance to get an educated opinion from pre-qualified professionals on how much extra debt your financing can sustain.

At this point, your real estate agent or mortgage lender is going to get all of your finances together and analyze them. Providing the most accurate information about all of your expenses will help them to give you the best advice on what you can finance comfortably. Included in this report should be all of your monthly payments, expenses, and debt to your total income each month. It is crucial at this point to include the not-so-good things about your financing, as well. This way there are no skeletons in the closet at closing time. Information that is withheld about your financing such as late payments or bankruptcy could delay you in financing your new home.

Have Your Credit Checked
In some cases, you can have your credit pulled to check your scores and do a full analysis of your credit but that is optional at this point. Discuss with your real estate agent or mortgage lender what the best plan of action would be based on the information shared about your financing situation.

Don’t get discouraged if your credit is less than perfect. Find someone experienced, pre-qualified, and willing to help you figure out what it is in your finances that need to be taken care of before you can get a home loan. There are professionals that will work with you for as long as it takes to point you in the right direction in fixing your bad credit and creating good credit scores. Whether your problem is the length of job time, payment history, credit scores, or bankruptcy they can give you the guidance to clean up your credit. By following their instructions they will be able to help you get the financing that you need to get the keys to your new home.

Many Home Buying Finance Options
There is a vast amount of financing options out there now to help the majority of home buyers qualify. I would suggest doing your homework on all the different types of loans available. Talk to your trusted Realtor and/or mortgage lender and see what the short and long-term benefits of those options are to see not only what you will be able to qualify for but what is the best direction for you to get the lowest possible financing available.

Excellent communication with your chosen mortgage lender and/or real estate agent will give you confidence in knowing what your financing limits will be. This will save you time at the end of closing when mortgage lenders already have all the accurate information on your finances from beginning to end.

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We respond right away! -Colleen Lane, Realtor®

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