Getting pre-qualified or pre-approved is the key first step towards buying a home. If you don't have an existing lender, Rankin Mortgage can help you qualify.
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1. Start the conversation
The most important part of getting qualified is talking to an expert! They will need to learn what your goals are for purchase price, monthly payments, down payment, etc. A conversation is also the fastest way for them to answer qualifying questions such as: How long have you been at your job? and Where is the down payment coming from? Asking the right questions at the beginning will help them identify and avoid problems qualifying for the loan. No matter how tech savvy we have become, nothing replaces their ability to problem solve and advise through a conversation.
2. Fill out the paperwork
There will likely be a total of 3 times that they need to collect paperwork from you–pre-qualificaiton, submission, and funding. These items are used to help support your application. They include items like a W-2, pay stubs, tax returns, bank statements, letters of explanation. Thay can analyze your paperwork just like an underwriter would and even help direct you. Most underwriting these days is like auditing–they just want to be sure the right paperwork is in the file. Doing a thorough job with your paperwork now will help them to find the right options for you.
3. Go shopping
With your paperwork complete and your pre-approval letter in hand you can go shopping! As your agent, I will be glad that you are prepared. Sellers will be eager. When shopping for a home you need to know that some properties may not be eligible for the type of financing that you are approved for. For example, FHA maintains a list of eligible condo tracts. If the one you want is not on the list, we may have to consider different financing options or a different property. Likewise if a home has damage or disrepair, the items may be required to be fixed before the property can become eligible for financing. If it cannot be repaired before closing, we would need a specialty loan. Remember to keep us in the loop as you start identifying properties that you like.
Once I help you obtain a contract to buy a home, Rankin Mortgage can begin processing your home loan. With the work that you have done in advance, it should help the process to be smooth and manageable. Buy confidently with a pre-approval from Rankin Mortgage.
The most important part of getting qualified is talking to an expert! They will need to learn what your goals are for purchase price, monthly payments, down payment, etc. A conversation is also the fastest way for them to answer qualifying questions such as: How long have you been at your job? and Where is the down payment coming from? Asking the right questions at the beginning will help them identify and avoid problems qualifying for the loan. No matter how tech savvy we have become, nothing replaces their ability to problem solve and advise through a conversation.
2. Fill out the paperwork
There will likely be a total of 3 times that they need to collect paperwork from you–pre-qualificaiton, submission, and funding. These items are used to help support your application. They include items like a W-2, pay stubs, tax returns, bank statements, letters of explanation. Thay can analyze your paperwork just like an underwriter would and even help direct you. Most underwriting these days is like auditing–they just want to be sure the right paperwork is in the file. Doing a thorough job with your paperwork now will help them to find the right options for you.
3. Go shopping
With your paperwork complete and your pre-approval letter in hand you can go shopping! As your agent, I will be glad that you are prepared. Sellers will be eager. When shopping for a home you need to know that some properties may not be eligible for the type of financing that you are approved for. For example, FHA maintains a list of eligible condo tracts. If the one you want is not on the list, we may have to consider different financing options or a different property. Likewise if a home has damage or disrepair, the items may be required to be fixed before the property can become eligible for financing. If it cannot be repaired before closing, we would need a specialty loan. Remember to keep us in the loop as you start identifying properties that you like.
Once I help you obtain a contract to buy a home, Rankin Mortgage can begin processing your home loan. With the work that you have done in advance, it should help the process to be smooth and manageable. Buy confidently with a pre-approval from Rankin Mortgage.
