It’s a great time to buy a home with prices and mortgage rates at an all-time low. Before you go looking at homes though, you need to get yourself a Mortgage Pre-Approval. This will not only give you the advantage of knowing exactly how much home you can afford, but it’s also the first thing that your real estate agent will be looking for before he/she takes you house-hunting. You may even consider using an affordability calculator.
Things You Will Need:
1. Last 2 years income tax returns-all pages
2. Most current pay-stub
3. Last 3 months’ bank statements
4. Most current 401k statements
5. Most current stocks/bonds statements
Do You Know Your Credit Score?
If you suspect that your credit is less than perfect, pull copies of your credit report and get scores from each of the 3 bureaus in one report. True Credit and Identity Guard offer reports and scores with a 30 day trial for each company. This means you won’t have to pay anything if you cancel before the 30 days are up. You can also visit https://www.annualcreditreport.com/cra/index.jsp.
Your mortgage advisor can help you: Most loan officers know of reliable credit repair sources that can help you clean up your credit before you go house-hunting should you need their help.
How to prepare for a mortgage preapproval:
A. Make an appointment with a trusted mortgage advisor.
B. Prior to your appointment, make copies of documents listed above. Also, let your mortgage advisor know if you are paying child support, have other income, or have co-signed for someone else’s debt.
C. At your pre-approval appointment, give these documents to your loan officer. Chances are your mortgage advisor can give you a Pre-approval letter right away unless there are issues that need an underwriter’s clearance.
Congratulations! With your pre-approval in hand, you will now be ready to start looking at homes to buy! Article Written by:
American Financial Resources
Post By Audeliz Angie Perez (160 Posts)
Angie Perez is a NJ Circle of Excellence award winning real estate agent for Weichert, Realtors in Edison. She sells anywhere from 12-25 houses per year on a consistent basis since 2005. Ms. Perez is primarily a buyer's agent on 60% of her real estate sales where she represents rental income investors, first time home buyers & trade up home buyers of 1-4 family homes within specific towns encompassing 4 NJ counties: Union, Essex, Middlesex and Somerset County. Many of Ms. Perez's clients appreciate her ability to negotiate favorable real estate deals for them. Many of her clients commented that her research abilities, her honesty, her knowledge of local market trends and her proficiency to manage multiple real estate transactions from start to close are some of the reasons why she was hired as their agent of choice. Please call, text or email Angie Perez to ask if she lists or sell in your town. If she can not help you, Ms. Perez would be more than happy to help or refer you to someone who can.
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