Determine Your Capabilities
The Approval Process: Whether a first time home buyer or a seasoned professional, getting good information is paramount to making good buying decisions. Getting a home loan and going through the approval process 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 as loan originators. His or her job is to be knowledgeable of the various loan types. They also provide good counsel to their clients and guide you through the loan approval process. Louisiana Mortgage lenders are heavily regulated and must undergo continuous education to remain up to date on market changes.
Pre Approval Letter
Within minutes one of our Mortgage Lenders can issue a pre approval letter and approval process with in a short 5 minute conversation and a credit review. A pre-approval letter is not a guarantee of home loan. It is the beginning of the approval process. 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.
Buyers are not interested in talking to me, buyers would rather see the home of their perceived dreams. For this reason, getting pre-approved is a must. A pre-approval letter defines your ability to purchase a home and is a 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 two Months of Pay Stubs (for income Verification)
- Providing the last two 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 985-260-2789
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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 an eXp 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”.