When you meet with a Realtor, they will want to get some information from you. First, they will want to know if you have been prequalified with a mortgage lender. Then the Realtor will want to find out the features you are looking for in your new home. What type of home are you looking for single family, townhome, condo, square footage, location and the biggest question, what’s your budget? Knowing all of this information up front gives you an advantage. The home buying process can be overwhelming, unless you put together a plan for success right from the start. Be ahead of the game and meet with a loan officer. He or she will give you a realistic idea of what you can afford and provide you with information about the process you are about to embark on.
Every buyer has a unique financial situation, credit score, job history, income, debt and financial goals. A mortgage lender will analyze your information at the beginning of your home buying process, maybe before you even meet with your agent and in turn this will give you the ability to focus on the properties that are the best fit for you. Today, it is not uncommon for people to have small hiccups through out the home buying process. Meeting with your mortgage lender before you begin looking at homes will put you in the best position possible. Some of the simplest things can become a deal breaker if they are not addressed in a timely manner up front.
Over the past few years, the home loan process has undergone major changes. Government requirements, coupled with new banking standards have implemented procedures to help avoid future housing troubles. Meeting with a lender should be step number one. You should be prepared to provide copies of tax records, W2’s, complete bank statements and pay stubs. Having your prequalification or pre approval (both topics are discussed in a previous blog) in place will help you to have the greatest success with an offer on a new home.