The thought of applying for a home loan intimidates a lot of people and I believe the reason is car salesmen. You've likely experienced buying a car and the experience was anything but great, there's the 4 square piece of paper meant to "help" you by examining payment Vs cost, then the numbers start to change ... it's usually a dreaded experience.
When it comes to applying for a home loan it honestly is nothing like being at a car dealership, if you're doing it right. By doing it right I mean you're using a Professional, someone that understands finance, knows the market and the programs available. This Loan Professional will help you get Pre-Qualified so you know how much you can spend.
Getting started on finding a loan that is right for you is actually quite simple, for YOU. It requires filling out a loan application and emailing some initial documentation that supports what you've put on the loan application.
Initial documentation for most people (self employed and commission income earners are different) is generally just:
That's it, I say it's simple for you because all you have to do is fill out the application and send in the documentation. If you've hired a Great Professional, then their work is just beginning.
Why a "Pre-Qual Letter" Matters
Once you have a loan Pre-Qualification completed, meaning you have sent in the requested documentation and a loan officer has reviewed and verified the information, then you will receive what is called a Pre-Qualification Letter.
This is more commonly called a PreQual and it's valuable to you because this letter will be attached to any offer you make on a home. The purpose of this PreQual is to let the sellers know that you are a serious buyer, that you have taken the time to have a lender review your situation and that letter tells them you are eligible for lending. To the home seller, that's money in the bank and chances are higher for them to accept your offer.
Who's The Best Professional for you?
The Best Professional is the one that can do everything I mentioned in my Free Guidance post "What to Expect from a Loan Professional" and should be able to help without the addition of costly "Loan Origination Fee's" or upfront charges.
I am into All Things Real Estate ...
When you hire me to Help you it's on a performance based model, meaning you won't have to pay any loan fee's if I can't help you get the home loan. So my service to you is Risk Free.
I'm a licensed Mortgage Loan Originator for Fairway Independent Mortgage Corporation, who is licensed to do lending in all 50 states. You can see my corporate lending website HERE