Home Buying in Boston>Question Details

Trulia Boston, Home Buyer in Boston, MA

How does one become a pre-approved home buyer?

Asked by Trulia Boston, Boston, MA Fri Nov 16, 2012

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Answers

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You talk to a lender.
They will give you the list of what they need to get a pre-approval.
If you can get one, and only one, to provide a credit score for you, that will help also.

Once you know what they need, and you have a credit score, you can ask around for the best rate.
Only have one lender pull your credit because multiple inquiries will hurt your score - it is considered an indication that you are trying to borrow money from more than one place at once which will increase your debt before the scores can react.

Pick an experienced lender and originator.

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0 votes Thank Flag Link Mon Nov 19, 2012
Greetings, Homebuyers seeking pre-approval,

After attending the National Association of Realtors annual convention ten weeks ago, where a variety of mortgage providers, from too-big to fail brand names to innovative new start-ups had exhibit booths, one pre-approval option stands out: Chase's Homebuyer Advantage Program.

Chase issues a Conditional Approval Letter which is "typically valid for 90 days." if you are buying a for sale by owner property (FSBO), you can present their "confidence building document directly to homeowners; or f you're making an offer on a property in the local MLS, your buyer agent can present the document to the listing agent.

As an exclusive buyer agent who has tried to identify "Best of Breed" money-saving opportunities at real estate conventions over the past 17 years, I am delighted to see how well Chase presents the case for using buyer agents. For more information, see Chase's Homebuyer's Guide below.
0 votes Thank Flag Link Mon Nov 19, 2012
Easy. Visit your bank (or you can try a few different banks if you want a different opinion) so they can verify your income, credit and assets and determine what you are able to afford.

Best of luck!
0 votes Thank Flag Link Mon Nov 19, 2012
Opps forget the link, try again,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Mon Nov 19, 2012
That is step #3, see the link below.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Mon Nov 19, 2012
Please consult a mortgage broker or you bank to be pre-approved.
It is an easy process.
0 votes Thank Flag Link Mon Nov 19, 2012
Hi Dear Home-buyer,
The overall home buying process starts with you hiring a real estate agent to work for you (even better if he/she is a Realtor®). This person (your buyer’s agent) will guide you and help you at every step of the way including how to obtain a mortgage pre-approval from a lender.

Some other people involved are a professional home-inspector, a real estate attorney, and of course a mortgage broker. But through the whole route your real estate agent will be acting as a project manager protecting your interests and making sure every piece falls in place at the right time.

By the way, in most cases the commission for your real estate agent is already factored in within the home’s purchase price. So it is better to take advantage of it as soon as you have made your mind to buy a home. In the end, it is money well spent.
Good luck buying your dream home.
Jaime Fernandez-de-Castro
0 votes Thank Flag Link Sat Nov 17, 2012
Contact a mortgage loan officer, such as myself.
The mortgage rep will ask you for certain information
such as residential, income and employment history,
social security number and birthdate, etc..
and what you are interested in for a home
They will review your credit,
and collect and review income and asset documentation.
From this- they will be able to determine eligibility for preapproval.
Please feel free to contact me for further assistance.
0 votes Thank Flag Link Fri Nov 16, 2012
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