So you want to own a home? Preapproval

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Getting Preapproved:

Buying a home is a complicated process. First you have to get your credit in line, save for a down payment, hire a realtor, get preapproved for a mortgage; all before you step foot in a home! What is often overlooked is the importance of getting preapproved for a mortgage. Getting preapproved means you know how much your lender is willing to give you for your home mortgage.

Getting preapproved should be your first step when looking to buy a house. Buying a home starts with your lender and at an open house! Once you know what you are approved for you can start shopping knowing what you can afford!

How to get preapproved:

  1. Know your budget.
    1. You are looking for a house. Something nice, with some land, and maybe a lake close by? Great! The problem is something like that might cost more then you can afford. Use our mortgage calculator to determine what might be in the budget and what might have to be left out
  2. Gather your paperwork.
    1. In order to apply you will need some papers:
        • 30 days of pay stubs
        • 2 year job history with: job titles and dates of employment
        • 2 months most recent bank statements
        • 2 years of personal tax filings and W2s (1099s and K1s if applicable)
        • 2 years of business tax filing (25% or more)
        • 3 year rental history and landlord information
        • VA Certification and Eligibility
  3. Apply
    1. Applying is easy and can be done in person or online! Applying online is the easiest way to apply and can be done during your morning coffee! If you would prefer to come in and apply, you can meet with a lender and they can walk you through the process.
  4.  The Preapproval
    1. Once all your documents are submitted a Mortgage Officer will be contacting you as soon as possible to go over your application. During that conversation do not be shy! If you have questions about the process or what needs to be done next, ask!

Ready to be preapproved? It doesn’t take long if you have the paperwork ready to go. Find the right lender and get preapproved today so you can buy your own home!