If you want to look inside, then you need to apply, with a mortgage lender!
Spring is a fantastic time to start to looking for a new home to buy. If you are really considering buying a new home it is time to approach a mortgage lender. Most Real Estate Agents, no matter how well you sweet talk them, will require a pre-approval letter before letting you look inside. Hence, if you want to look inside, you need to apply. The way around the pre-approval, are open house tours, which was covered in a previous post.
When it is finally time to take the plunge and approach a Mortgage Lender, there are a certain set of documents that will help the process, if they are ready and available. Here is a short, generic list of some of the documents that will need to be provided. Contact the Mortgage Lender for a more detailed life, specific to your situation.
There is a reason that we provide tax statements every year, not just for the government, but in order to make it easier to get a Mortgage Loan. Print off your W-2’S and if you are a freelancers or contract employee, have a record of your year to date profit and loss record. More and more people are incorporating and working for themselves. Just keep track of the paperwork and it shouldn’t be any more hassle than working for a large employer.
Assets and Debts
Be ready to show what money you have coming in, and what money you have going out. Have additional savings? Bonds? Stocks? The Mortgage Lender is going to want to take a peek at all the assets, and all the debt that is going out. The more transparent you are, the easier it is for them to work with you and find a place that will hopefully make both parties happy with the result.
If you are a long time renter attempting to buy a property for the first time, it will be important to have a list of your rental payments. Also, any records of marriage, divorce, bankruptcy or foreclosures. These all feel like negative documents but again, you want to be as clear as possible with your Mortgage Lender. Don’t try and hide anything, because it will come out in the end and will effect your pre-approval.
Remember that going through all these hoops will eventually let you be able to look inside and start the process of finding the perfect home. Don’t let the property you want pass you by. Get the approval so that your C3 Real Estate Agent can provide you the more efficient service possible.