Financing in Mount Shasta>Question Details

Danny Butts, Home Buyer in

how do i get prequified?

Asked by Danny Butts, Sat Apr 5, 2008

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8
Hi, Danny. There's a HUGE night and day diffrence btw a prequalification and preapproval. The first is little more than a LO pulling your credit and determining your income based on what you "TELL" them. Its a good tool to see if you're in the ball park, but you won't get up to bat let alone first base without an actual preapproval. A preapproval is given out after a LO reviews and verifies your actual income, assets, and employment documentation and gotten an automated DU Approve/Elligble. This is what you want and realtors and sellers will need to know to show that you're a serious player that won't strike out when it comes making it to the closing table.
0 votes Thank Flag Link Tue May 3, 2011
Hello Danny,

The best way to get pre-approved is to speak to a loan officer, whether retail or through a brokerage. The standard items that I would review to ensure a full and accurate pre-approval would be (2) years tax returns, (2) years W-2s, (2) current pay stubs and (2) months of bank statements. These items, along with a credit report, would round out a solid file to determine your maximum pre-approval status. If i can be of assistance, please let me know.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
mabram@firstcapitalmtg.com
0 votes Thank Flag Link Mon May 2, 2011
In my experience as a real estate broker I have found that if your first contact is with a real estate agent you will ease your prequialifcation experience. An agent will discuss your job status, your income vs house payments, etc, and then will recommend a few good lenders for prequalification. Some lenders have special programs based on your income and your history and can make a loan happen while other lenders cannot. I would stay away from "online lenders" who do not have an opportunity to meet with you directly and who do not know local markets.

The difference here rather than you searching out a lender on your own is that we, as agents, know the local lenders and have had experience with most of them. Some are "user friendly" and some are not. If you have a knowledgeable, often recommended, lender you will be on your way to a good home buying experience
0 votes Thank Flag Link Mon May 2, 2011
Hi Danny,

Please prepare the ff items before you call your friendly bank or mortgage co: 1. 2 yrs. W2s 2. most current paystub 3. 2 months of banks statements or your source of down payment 4. a copy of your recent credit report, if you have one. These items and your fico score from your credit report will determine how much loan you can qualify for and how much down payment do you need for the home you are intending to buy. Good Luck, it is not as hard as it sounds.
Laarni
0 votes Thank Flag Link Sat Apr 5, 2008
Getting pre-approved for a loan is the first step in buying a home. I think one of the best ways to get pre-qualified is to first find a REALTOR that you want to work with. Just like your loan officer your REALTOR should be someone you feel comfortable with, someone you who knows your market and understands the whole home buying process and who will walk you through each step. Once you have selected a REALTOR, ask your REALTOR to reccomend someone. Your REALTOR should have good knowledge of which Loan Officers will best meet your needs. Talk with several Loan Officers and choose the one who can offer you the best program to meet your needs and whom you feel most comfortable with. You may also want to talk with family and friends about Loan Officers they might reccommend. You have two financial objectives when you purchase a home. First you want to pay the seller the lowest amount they will accept for their home. Your REALTOR will help you accomplish this objective. Second you want to pay the lender the lowest amount possible for the financing over time. YOur REALTOR and Loan Officer should be able to help you with that as well.
0 votes Thank Flag Link Sat Apr 5, 2008
Hi Danny,

On the Zillow website there is an entire section dedicated to the home buying process. You may find in helpful. Here is the link http://www.zillow.com/wikipages/Buyers---Where-to-Start

Best of luck to you,

Sandy Shores
0 votes Thank Flag Link Sat Apr 5, 2008
Hi Dan;
Pre=qualifying is the first important step to buying a home. Be thoughtful about selecting a loan broker or a bank you want to use. You, the loan person and your Realtor will form the core of the team that will find your new home. You want to make sure the loan person is responsive and has all access to different packages, so you can pick the right loan for you.
Ask your friends who they used, walk into your local bank, ask for a refferal from a Realtor, another words, shop around a little to find the right person.
Also, you really want a pre-approval not a pre-qualifying letter. The pre-approval means that whoever is doing your loan has taken a deeper look into your ability to get a loan. Sellers take pre-approvals more seriously than pre-qualify.
The loan person will ask you to show proof of employment, tax records, any debts, and permission to look up your credit score. It sounds invasive, but they do it everyday, so don't be hesitant about turning over this information.
Good Luck
0 votes Thank Flag Link Sat Apr 5, 2008
Talk to a lender or mortgage broker. You can do it online if you prefer. Only takes a few minutes.
0 votes Thank Flag Link Sat Apr 5, 2008
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