Loan Pre-Approval
The most important step in your home search is understanding your personal financing situation. Buyers often search for the perfect home before meeting with a loan officer, only to find that the price range they were looking in was either too high or too low. Also, buyers without a preapproval letter can lose that perfect home to other buyers who are already preapproved for a loan.
Be aware that a 0-Down Loan does NOT mean 0-Costs, so have at least $1,000 to start the process. Usually your $1,000 or more Earnest Money check that you submit with your Purchase and Sale Agreement is applied to your Prepaid items, such as Property Taxes, or is applied to applicable Closing Costs before amounts from the Seller can be contributed.
Ask your loan officer for the Interest Rate Sheet and to explain 'Par' to assist you in determining your actual interest rate. Then ask for a Good Faith Estimate to learn your actual loan costs, prepaid items and your actual monthly mortgage payment.
Many buyers have a purchase price in mind but don't know what monthly cost that price will actually produce for them - principal, interest, taxes, insurance, & related closing costs. If you know the amount you have available to use as a Down Payment, and the monthly cost you would be comfortable with, my trusted loan officers can help you determine an appropriate price range.
The pre-approval process will determine whether you can be approved by a lender for the amount you decide on. It will also help you determine how to structure your financing - more money down, less money down, no income verification, interest only, combine more than one mortgage product, etc. There are many products out there and everyone's scenario is different. The time to get this done is before you start looking at homes - and not after you make a costly mistake or lose a great home to a better prepared buyer.
Please let me put you in contact with one of my trusted local mortgage professionals who can help you through this process. If you fill out the form below, it will help us get started with some basic information. Let's work together and make your dream come true!
Sage Cleigh, Realtor, Rockwell Realty LLC will not share your personal information with others.
Let me help you find the best mortgage professional for you based on your personal financial needs! Please complete the form below to get pre-approved for a home loan.
