Qualify and Secure Financing
Step 2 Qualify for Financing
It is important to be prepared for the day you're ready to make an offer on that perfect property. The terms of your loan. Within three days of receipt of your loan application, your lender is required to give you a Loan Estimate. It lays out the costs and terms of your loan. Your lender will also give you a list of documents the company requires to obtain your loan. He or she will also provide a pre-approval letter to attach to your offer.
It helps to begin the process of gathering all the documents the lender requires for your situation early. This upfront planning helps you succeed in getting your offer accepted particularly when competing against other offers.
It is essential during the buying process to keep all payments on your bills current. Once you begin the loan approval process, do not make any major purchases. Large purchases will show up on your credit report and affect your qualifying ratios. This may affect the amount the lender will loan for your purchase.
If you desire, we can introduce you to several highly qualified mortgage consultants who can help you choose the best home mortgage for your circumstances.