Applying for a home loan is a wise decision. Since most buyers will not make an all-cash offer to purchase a home, it makes sense to obtain an affordable mortgage loan. Securing a pre-approval to buy a home is recommended before contacting a local real estate agent.
While some home buyers might have encountered a myriad of challenges during a recent home search, you may be able to enjoy a better experience. Securing a mortgage pre-approval prior to looking for the ideal home to buy could increase your chances of obtaining the funds that you will need.
Professional real estate agents prefer to work with prospective home buyers who are pre-approved for financing. Why? Buyers who have met the initial requirements for a mortgage loan will know how much money a lender is able to provide toward the purchase of a home. Knowing how much you can afford to borrow can save you and your real estate agent a lot of time.
Initially, you will need to provide some basic details about your current financial picture. Information may be submitted online via a secured mortgage application or you may speak with Tim Loss to complete an application by phone or in person. You can also complete an online application by Clicking Here.
You will need to list your address and earnings history for the past two years. If you were a student during the past two years, a portion of your training may be considered toward the experience requirement.
Generally, your loan officer may request your last two pay stubs, recent W-2 forms, tax returns, retirement statements and information about your savings or other investments. Certain items that appear on your credit report might require a written explanation.
If you are ready to begin the pre-approval process to purchase a home, you are encouraged to speak with a mortgage professional. Make a list of any questions or concerns that you might have about the funding procedures for a home loan.
Contact us to speak with one of our licensed mortgage professionals. With your authorization, we can review your credit history, your earnings history and other items to determine if you meet the requirements for a mortgage pre-approval to buy a home.
Call Perennial Funding today at (888) 826-4856 to inquire about affordable home loans.