FIRST HAVE 2-3 YEARS OF TAX RETURNS, RECENT PAY STUBS AND A GOOD WORK HISTORY. YOU MORTGAGE REP WILL RUN YOUR CREDIT AND SEE HOW YOUR SCORE IS.
A GOOD REP WILL ADDRESS ANY PROBLEMS YOU MAY HAVE AND EVEN HAVE YOU CONTACT THE 3 CREDIT AGENCIES. SOMETIMES A MAR ON YOUR REPORTS CAN BE REPAIRED BY CONTACTING THEM AND PROVIDING A LETTER OF EXPLANATION.
A LITTLE ADVICE TO THE PERSPECTIVES BUYERS OUT THERE; TALK TO 2 OR 3 MORTGAGE REPRESENTATIVES BEFORE MAKING A COMMITMENT TO CHOOSE ONE FOR THEIR SERVICES.
THE BETTER CREDIT YOU HAVE THE EASIER THE PROCESS AND OF COURSE THE BETTER THE INTEREST RATE YOU'LL RECIEVE!
Champions Real Estate Group
Gail A. Shimaitis
Davy Oakum Properties - Houston
You can go to our awesome loan officer's website, Katie Sparkman, at CMC Mortgage at http://www.katiesparkman.com and get pre-approved online. There's also a FAQ section to answer most any question you may have about how you get pre-approved. You can ask her questions at firstname.lastname@example.org.
Happy to help,
Pre-Approval is a relatively easy process. Your Realtor can suggest several lenders for you to contact. Once you decide on one you will need to fill out a Loan Application. The lender can tell you what documentation you will need to provide. Once he reviews the application and documents he can determine how much you can qualify for and give you a pre-qualification letter to use when making an offer to purchase property.
Get all your financial information together. Have you been on your job or in the same industry for 2 years.
Have you owned a home or do you have proof ( good) of rental history for a year. Do you have your tax returns . Get this all in order, Go to your bank or a good Mortgage Broker, If you know someone that has purchased recently ask for a reference. Do not go mortgage shopping. Each time your credit score is pulled it will go down, and by the way quit filling out applications for credit for anything until you get your home. Your bank or mortgage company will give you a pre-approval letter depending on your income, credit score and debts. THEN
Happy House Hunting
In order to get pre-approved you need to fill out an loan application or contact a loan officer. They will determine if you credit, income, debt will allow you to get a loan AND how much of a loan you qualify for.
There are some great FHA programs out there right now and this is a great time to buy. I woul love to answer any questions you might have in more detail. Please feel free to contact me at your convenience.
Hope this helps.