If you're planning to buy a house in the general vicinity of Denver to Boulder, Colorado, or even thinking about it, I'd love to help you every step of the way!
I realize buying a home can be stressful. Whether this is your first home or your twentieth, you want things to go smoothly, with no surprises.
The best way to make that heppen is to familiarize yourself with how the whole system works, and get as comfortable as possible about the home buying process. Colorado's laws and practices are unique in a couple of ways, and it's important that you understand these differences.
But the main thing to remember is that my services will save you time and money, and won't cost you anything!
The first step is to meet with the mortgage company to be pre-qualified for your loan (unless you are paying all cash). If you’ve never done this, or if you’ve had a bad experience, this step may make you feel nervous. But I can recommend lenders who will actually counsel with you as to how to reach your goals.
If this isn’t the right time for you to buy, a good lender will help you understand why. They'll also help you work through whatever’s holding you back, until you're ready to go shopping for your new home!
Once you're pre-approved, you can shop for your new home with confidence, knowing that you won’t have any problems getting the loan.
People who skip this step and just go out house hunting are unsure and nervous when they find a home that they like, because they don’t really know if they will be approved for the loan.
Loan underwriters have specific rules and guidelines they must follow. Many would-be homebuyers have been dismayed and disappointed to find out 2-3 weeks after they enter a contract that the lender has turned them down. I won't let this happen to you, as much as it's in my power to do so!
Please realize that's also one of the biggest fears a home seller has – they worry about entering a contract with a buyer and at the same time contracting for their new home, preparing to move, and then finding out the buyer didn’t qualify.
When you get pre-approved first, we'll obtain a letter from the loan company stating the amount that you are approved for. When shown to a seller, the letter makes the seller feel more comfortable, and will add more power for us in negotiations.
The bottom line is that getting pre-approved for your loan first means stress-free home shopping AND more leverage with the seller!
You can use any lender you wish, but I can recommend lenders I know and have worked with before. Call me for those names.
The home buying process is quite complicated, and nothing will throw a wrench into things faster than a mortgage company that drops the ball. So you need someone you can call for updates, and who makes themselves available to answer questions right away.
Here’s a list of items you may need for your loan application: Don't be surprised if your lender asks for even more documentation!
1) W-2 (2 years) & current pay stubs (2 months)
2) Employment information (2 year history)
3) All bank account numbers and balances
4) Last 3 month’s bank statements
5) Open loans and credit cards – names, addresses, account #, balances, monthly payments
6) All information on any other real estate loans
7) Drivers license or other photo ID
8) Certificate of eligibility or DD214 (VA loan only)
9) Self employed: Last 2 year’s complete tax returns, year to date Profit
& Loss and Balance Sheet
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment