Hey there, future homeowners! Joe here, your no nonsense probate realtor. Before we go on please take a moment to hit like or to subscribe to the channel and stay up to date on everything real estate. Today, we’re diving into the pre-qualification process – the key to unlocking the door to your dream home.
When getting a mortgage pre-qualification it all starts with documents. To get started, you’ll need your financial paperwork. Specifically you will need the last 30 days pay stubs, last 2 statements for all of your financial accounts. Think checking account, savings account, investment account and retirement account. It’s like preparing for a real estate treasure hunt, and these documents are your map.
Now that you are armed with your paperwork it’s time to pick a lender. Did you know there are several types of mortgage lenders? We’ve got the big banks, the local credit unions, mortgage bankers, mortgage brokers, and even those online wizards. Choosing the right lender is crucial, like picking the perfect avocado – you want it just right. Look for competitive rates, good communication, RAVING reviews, and maybe even a lender with a sense of humor. Hey, it can’t hurt!
When applying for a home mortgage getting a pre-qualification letter is like getting a ticket to your dream concer. On the other hand, getting a Pre-approval is like getting tickets AND back stage passes to your dream concert. While some lenders may offer a pre-qualification letter having an underwritten pre-approval shows a Seller that you are a baller! You are here to purchase and the bank stands behind you.
So, what should you expect in this process? Well, it’s a bit like waiting for the perfect sunset. Patience is key. Your lender will review your docs, run the numbers, and voilà – you’ll know your home-buying budget. Depending on the lender you may have your pre-approval within a day, or sometimes within a week but regardless, it’s worth the wait!
Do you know the golden rule when it comes to getting a home mortgage? DON’T get any new credit and DON’T quit your job! It’s like saying no to dessert before dinner. Keep your financial plate clean during this process. If you’re car lease is up don’t get a fancier car with a higher payment. Should you hate your boss don’t quit or get yourself fired in the middle of escrow. This is the time to keep things the status quo.
So, there you have it – the pre-qualification process made easy. I’m Joe, your real estate guide. Remember, a dash of humor makes the journey even more enjoyable. Thanks for watching and don’t forget to hit the like button or subscribe. Happy house hunting!
Giuseppe “Joe” Napoli
CA DRE Lic. No. 01279689
ReMax Top Producers
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