It can be intimidating to begin the process of determining your ability to be pre-approved for a mortgage when deciding to buy a new home, but If you have a trusted Realtor® by your side, it can be much easier for you!
Here is a general description of what to do:
- Ask a few trusted people, including your Realtor®, who they would recommend as a qualified mortgage lender.
- Call the lenders you would like to talk to. This call is free, confidential, and usually only takes a few minutes. You will often be able to give them basic information over the phone to determine your credit score and ability to be pre-qualified. *If your score is lower than needed at the moment, you can ask them for recommendations, and an estimated time-frame for corrections to your credit score. A good lender will be the same as a good agent, as far as, we will not fault you for needing time to reach your goals, and will stick by you through the process of getting there! That’s what we are here for, to support you, and see you through to the end!
Documents you may want to have on hand for determining pre-qualification/pre-approval are as follows: (You do not have to have these to make the initial call, but if you proceed further with a lender, you will need them handy.)
- Last 2 years W-2’s and Tax Returns
- Last 2 Pay Stubs
- Last 2 months Checking & Savings Statements
- Last 401K and/or Retirement Statement