So – moving on, we discussed what you’ll need in order to qualify for a mortgage. Now let’s look at what steps you will need to take.
Find Out Your Credit Score.
You can get your credit score from a number of places. online services, such as Credit Karma can supply them instantly. Many credit card companies offer your score as you pay the bills online. By law, each of the three major credit bureaus must offer you a free credit report once per year. But I find the best way is to simply ask the loan office you’ll be dealing with. You don’t need perfect credit, but generally the higher your score, the lower the interest rate you’ll be paying.
Get Your Paperwork Together.
You’ll need copies of your last two years of tax returns. Also income verification such as pay stubs, copies of assess statements such as savings accounts, brokerage statements etc.
Speak With a Mortgage Professional.
Discuss your income and debts to determine the type and amount of a mortgage that you can qualify for. Remember, just because you can qualify for an amount, you don’t need to spend that much. Determine how much you actually want to spend on your housing expenses.
Once you find your dream home, when the offer is submitted to the seller, you’ll need to include your Pre-Approval letter. This will show the seller that you are, indeed, able to obtain the necessary financing to purchase the property.
Do the necessary research. Deal with professionals, both your Realtor and your loan officer and follow their directions. This will make the home buying process much easier.