The Pre-Approval Process

Hey, guys! I wanted to follow up with the next step in purchasing your dream home!

That next step is pre-approval. Pre-approval is different than pre-qualification. During the pre-approval process a lender may ask you for the following:

1.    Social Security Numbers: If both you and your spouse are applying for the loan, the lender will require both social security numbers to run an accurate credit report.

2.    Copies of your past checking and savings account statements.

3.    Documentation of other assets such as stocks and bonds.

4.    Documentation of your recent earnings and contact information of someone who can verify.

5.    A list of all credit card accounts and their current balances.

6.    Copies of your past tax returns.

Each lender is different and they may ask for more documentation. If you have any questions, please give us a call. We’d love to help!

More Homeowners Today Are Making the Choice to Stop Paying Someone Else's Mortgage

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It’s a part of the American Dream; get a good job, buy a nice house, build a family and enjoy life. But as the past six or seven years have demonstrated, not always do the forces that be make it possible for everyone to achieve that American Dream.

Today, as we move into the summer of 2013, things have changed drastically when it comes to owning a home. Where just a few short years ago people were unable to hold on to their homes, many were forced to move into rental homes or apartments. Today, it’s a new day in the housing industry.

Interest rates are low. Houses are still affordable. Mortgages are easier to obtain than they were during the past few years. All these signs point to a great time in real estate.

There are numerous advantages to owning your own home, ranging from tax breaks to autonomy, better amenities and more. Consider this: for the cost of what you might be able to rent an average-sized single-family home you could easily buy the same or more, depending on the loan product you choose to go with. Before interest rates begin their expected climb back upward, now is a great time to buy a home.

There are several lending options available for buyers these days; some allow financing with no money down, others have a minimum of 3.5% down and yet others are designed for buyers with more up-front cash. Regardless of which option best suits you, one thing is certain; if you can do it – buying a home is by far the best option and it certainly helps to build your future as your strengthen the equity in your home.

If you’d like to start looking for homes to find your dream house, contact us today! We’ve helped countless buyers realize their American Dream!