Tips On Getting Pre-Approved With A Verde Valley Mortage Lender
Get Pre-approved before you start shopping for your Home!
This helps you to make sure that you are shopping in the right price range. Also, most Sellers require a mortgage approval letter before they consider an offer. Even if it's not a requirement, it still makes the offer much stronger.
Tell your Mortgage Lender your goals of how and when to set up the deal!
- Do you want to buy a new home before or while in the process of selling your old one? Believe it or not, many people can qualify with 2 house payments.
- What's your deadline
- How many years do you plan to own the home that you are buying? This is important in selecting a mortgage program because some programs are better for shorter time periods.
Prioritize your goals to determine your loan program!
What are the most important factors to you in your home loan? Most people say that the want the lowest rate, lowest payment and a 30 year fixed loan term. In loans, you can't have it all. Some programs have great low payments, but worse rates and without fixed terms. While other programs have incredible rates with a fixed term, but the payments are higher.
Loan programs aren't rocket science!
Don't worry, selecting the right loan program isn't too complicated. Although there are thousands of different loan programs, there are probably only a few that apply to your goals and your borrowing capacity. An experienced loan officer should be able to recommend a simple, small number of options after interviewing you for 45 minutes and pulling your credit report.
There are no magic wands!
Most Lenders have access to the same types of loan programs for average or better than average Borrowers. However, some Lenders are better than others at the more difficult loans (called B or Subprime Loans). If you know that you've had credit problems or other adverse qualifying factors, you might want to make sure that you find someone who specializes in the tough stuff. If you're denied by one Lender, try a couple more of these types of Lenders.
Don't withhold information!
Hiding information won't help. If you try to hide information it might make it more difficult for your Lender to get you approved.
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