One of the most common questions i have been asked recently is, WHERE DO I IS START IF I WANT TO GET A MORTGAGE?
The first thing any potential buyer needs to do when they start thinking they want to buy a home, is to contact a local and trusted mortage broker, bank or credit union. STAY AWAY from the internet lenders. You really want to be able to put a face to a voice and have a local source to be able to get information and drop off any paperwork or financials.
A good local loan officer will pre-qualify you at no cost. They will look at your credit score but more importantly your whole financial picture. This includes your credit report, current income, debt and employment history. They will let you know what programs you may quailify for and what the down payment and closing costs for each are so you can compare them.
WHAT DO I NEED TO GET PREQUAILIFIED?
You should get together your last 2 years tax returns, your last 2 pay stubs, last 3 months bank statements and a list of your income and expenses.
ITEMS TO NOTE WHEN YOU DO GET PREAPPROVED
Once you get prequailified, you find your house and make formal application, you should note that the bank will pull your credit again just before closing to make sure your credit has not changed. While buying a house you should refrain from buying anything on credit, applying for a credit card, buying a new car, boat or expensive jewelery. you should not quit your job or make any changes to your financial situation or risk having your loan pulled and not being able to buy the house of yoru dreams.
If you can not quailify for a mortgage today, they will be able to tell you what you will need to do so you can get a mrotgage in the future. There are no quick fixes, no secrets and no one you can pay to improve your situation, they are all scammers no matter what they promise and how much they are charging.
Good luck with mortgage search and as always please feel to add any comments or questions on my blog you need answered. If you are in NH and would like to be prequailified at no costs, just send me an email.
UpdatedÂ May 23, 2011
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