One of the steps in preparing yourself for home ownership is to obtain an approval from your lender or bank. This process involves filling out a mortgage application which can be done online, over the phone as well as in person.
This process is done without identifying a property, we would use a range of purchase prices with your down payment to create payments that you are comfortable with. It is important to understand what you are comfortable paying each month rather than being approved for the highest amount. You will want to develop a long term plan, 5 to 10 years of what your goals will be with home ownership. This will help you with budgeting and planning for the size of home you that will best suit your financial needs.
In addition to the application, we will be looking to verify your income, assets and debts through pay-stubs, bank statements and pulling your credit. Once we have these items in hand, the approval process will take about an hour to confirm this information and provide you with an official approval letter.
I work with your real estate agent and real estate attorney to help coordinate your offer and the purchase of your new home.