People talk about being pre-qualified all the time. But how do you get pre-qualified? Well the first step into getting pre-qualified is going to a local lender that you trust. So, go ahead and ask your real estate agent for some referrals. Using a local lender is important. There have been many times throughout the years that someone has used a lender, a national lender with their offices clearly on the other side of the country. Their file just gets in a pile of all the other files. So, using that local lender, you are going to get that personal service, you are not going to be forgotten and you are going to be able to close on time. That is just imperative when it comes to a successful transaction.
So, to start out with, they are going to ask you a couple questions, they are going to ask you how much you make, what kind of debts do you have. Do you have car payments credit card payments, do you currently have a mortgage? Then they are going to pull a credit report. With this information, they will be able to get a real quick general idea of approximately what you will be able to afford, and that is being called pre-qualified. But you want to go a step further and get fully qualified. To do that, they are going to need a lot more documents, such as your last two pay stubs, your last two bank statements, and your tax returns. With this information now, you will be fully qualified and the importance of that is first there will not be any surprises at the end and second when you are submitting an offer.
There's a good chance nowadays that there's going to be multiple offers on that house and if all the offers are very similar but one has a pre-qualification and one has a full qualification letter, the one who's fully qualified is going to beat out every time. And when you are finding your perfect home that you are excited about that is really important. If you would like to get some referrals to a local lender, please give me a call at 480-226-1925