Homebuyers have a lot of questions, and because the mortgage process has changes so much over the last few years, you’ll want to make sure that your loan officer can help educate you about what to expect and why to expect it. Each homebuyer’s situation is different, so experience is key to managing expectations.
When it comes to your search for a new home, the first couple of steps in the process will be to review your credit report and obtain a Pre-Qualification Letter. When determining which lender to work with while purchasing a home, you’ll want to make sure that you select someone with experience in helping homebuyers and someone that can make sure that you close on time.
Step 1 – Review a copy of your credit report from your mortgage lender.
The “online” services that you can subscribe to as a consumer will not be the same scoring models used by FICO to determine your scores for qualifying, so don’t assume that the scores provided elsewhere will be the same. In many cases, there can be a vast difference – and this can lead to frustrations if you wait too long. Review your credit early in the process and give yourself time plenty of time to fix any problems or mistakes on your credit report.
Step 2 – Get a Pre-Qualfication Letter.
Many Real Estate Agents won’t begin to show you homes until you’ve obtained a Pre-Qualification Letter from your mortgage lender. The Pre-Qualification process is simple, and you’ll want to have information handy regarding your income, assets or bank statements, employment history and address history for the last two years, along with your social security number and date of birth for anyone that will be applying for the new loan.
During the Pre-Qualification process, you’re Mortgage Loan Officer, Josh Campbell, will discuss a variety of different options that may be available to you based on your situation to help you ensure that you get the best mortgage program with the lowest rates and payments possible. Email The Campbell Home Team or call 214-929-1733 or Click Here for a Secure Short Application Online.