|
Getting Pre-qualified:
Most Real Estate agents and Lenders recommend that home buyers get pre-qualified with a lender before selecting a home to purchase. This way you will have the best information about the right price range for your pocket book.
Reasons to get pre-qualified …
- With pre-qualification, you can determine which loan program best fits your needs and which programs you qualify for.
- You will know exactly how much you qualify for. It's no fun to find your ideal home and then find out you can't afford it.
- Your monthly payment will be set. This will allow you to budget your money before making this large investment.
- It shows you what the down payment and closing costs will be.
- If you are a first-time home buyer, you may be able to qualify for a special first-time home buyer program which may allow you to afford more home for your money.
- If you feel you would like and can afford a higher mortgage payment but are not able to meet qualifications, co-mortgage financing may be made available to you.
- We are currently in a strong market. It is not uncommon for a seller to receive multiple offers on a home at the same time. This being said, if you are pre-qualified, this will put you in a stronger negotiating position.
How to get pre-qualified for free
See Options below
Print out the Uniform Residential Loan Application. Fax it, drop it by, or mail it to our office. Once you complete this form, we will submit it directly to a lender that best suits your needs. (Dont worry if you have less than perfect credit. We have multiple lenders we work with that may still have a program acceptable to you.) We will contact you personally once we receive the results.
… View and Print the Residential Loan Application here.
… Download Resident Loan Application here.
OR … To apply on line through Wallick and Volk, Joanne Demorest, she will immediately process your loan application and get in touch with us on the best loan options for you!
OR … Give me a call and I will be happy to get you pre-qualified.
Shopping For a Lender
A very important part of purchasing a home is finding the right lender. Listed below are some characteristics you should look for when choosing a lender. Also, things you should not do when choosing a lender.
Questions to ask while shopping for your lender…
- What is his/her reputation within the community? How many loans do they close each year?
- Is the company well known in the area? How long has the company been in business?
- Does the lender have access to a wide variety of loan packages?
- Can the interest rates be locked in and for how long?
What not to do when shopping for your lender…
Calling around asking for interest rate quotes…
Quoted rates over the phone are rarely locked prices. This is one way the lender gets you to come to his office. Rates can be subject to changes unless they are predetermined for a specific period of time.
Interest rates can change daily. A quote you get today may not be a available at the same price tomorrow.
The interest rate you are quoted over the phone may not be a program that will fit your needs or situation.
LOAN DOCUMENTATION
Employment Verification:
- Last 2 years W-2’s
- 30 Days of Pay Stubs
- 1099,s as they apply
Verification Of Funds To Close:
- Two months bank statements including checking, savings, and brokerage accounts
- Gift Letter if applicable
- Copy of closing statement or Contract on current home.
Other Items:
- Copy of Sales Contract
- Appraisal and Credit Report Fees
- VA Loan Requires DD214
- Bankruptcy Schedule (if applicable)
- Divorce Decree (if applicable)
- School Transcript may be necessary under certain conditions
- Account Number and Addresses for Current Creditors
Stepping Through The Loan Process:
|
|
|
