Determine Your Capabilities
The Approval Process: Whether you a first time home buyer or a seasoned professional, getting good information is paramount to making good buying decisions. Getting a home loan is more that just getting a good interest rate. The devil is in the details of the small print that list the terms and conditions of the home loan.
Whether working for a bank or other lending institution, the mortgage lender is the loan officer assigned to handle your file. Mortgage lenders are also known a loan originators. His or her job is to be knowledgeable of the various loan type and provide good counsel to their clients. Louisiana Mortgage lenders are heavily regulated and must undergo continuous education to be up to date on the latest product of market change.
Pre Approval Letter
Within minutes one of our Mortgage Lenders can issue a pre approval letter bases on a 5 minute conversation and a credit pull. A pre approval letter is not a guarantee of home loan. The letter basically says “Based on the information provided thus far, the buyer is conditionally Pre Approved”. While speaking with the our lender, ask about Down Payment Assistance programs.
There is other documentation required to meet full approval.
After years of selling home I have come to realize that home buyers are not interested in talking to me, but rather see the home of their perceived dreams. For this reason, Getting a pre approved is a must. A pre approval letter defines your ability to purchase and for home must.
You very may be financially capable of a $1500 per month mortgage, however a 900 per month pay may be more comfortable. The letter states your abilities. ” You are pre Approved for a Home upto but not exceed $(X).” It even states the monthly payment and what you be expected to pay as well as the loan type and closing cost needed.
The Approval Process Consist of:
- Tri Merge Credit Pull
- Providing 2 Month of Pay Stubs (for income Verification)
- Providing the last to years of your tax statements (for income Verification)
- Verification of Employment (Usually two years doing the same type of work)
- Verification of Rent from current landlord
Real Estate Agents
The role of the real estate buyers agent and mortgage lender is to assist you in the finding the best financing option to fit your needs. While as realtors we do not originate home loans, we do however know which lenders work best based on your personal situation.
We recommend working with local lenders. They are familiar with the paperwork required to get the mortgage processed quickly. Out of state lenders can be tricky to working with. Often time they require additional paperwork that would ne be required by a local lender thus slowing down the process. Additionally, when there is a problem, you can not sit down with them face to face to discuss it.
In summary, Get Approved, Call the Keith Lawrence Group for a list of our preferred Mortgage Lenders.
Call The Lawrence Group at 225-310-1444
We at the Keith Lawrence Realty Group, provide a full range of residential real-estate services to help you buy, sale, rent, or relocate to Prairieville Louisiana.
- Use our Prairieville MLS search tool to find Prairieville LA properties for sale that may interest you
- Try our Prairieville Mortgage Calculator to determine the affordability of a property.
- Get our Guide to Home Ownership and learn Tips for First Time Home buyers.
- Learn Selling Tips to Homeowners when selling your Prairieville Home. Partner with a real estate Pro.
- Keep up on the real estate news in Prairieville Louisiana.
We will happily assist you through the entire selling and home buying process. From searching, to finding, negotiating and to giving you the keys to your perfect “Home”. Having a Keller Williams Realty Representative on your side, we will ensure you that you will be competent to make the most of your time, efforts and energy as well as your buying power! Contact US “The Lawrence Group – Your Prairieville Realtor Today”.