No matter if you're Buying or Refinancing a home
in Florida, its hard to know where to begin.
Here is an
Overview of the Home Loan or mortgage Process.
Step 1:
Pre-Qualification:
Performed
by your Loan Officer, this
step uses basic information
about your income, debts and
credit including length of
time and stability. Getting
pre-qualified let's you
estimate how much you could
borrow and gives you a good
idea of the paperwork that
will be required from you.
The Loan
Prequalification is of
course based on the
information you are willing
to supply and not willing
to provide, e.g., are you
willing to allow the lender
to request your tax returns
from the IRS if they are
audited? do you want to
provide W-2s to prove your
income?. The best
qualification would require
that you allow your credit
reports be pulled.
Thus, it
is important that you select
a loan officer or mortgage
broker that you feel
comfortable with and which
has numerous lenders and
loan programs which will fit
your needs and history.
Be upfront
with the brokers and
lenders, you can get a great
idea about loans and terms
just based on your own
knowledge and history of
your credit and other
factors mentioned above.
You can get a rough idea
about what you may
qualify for typical loan
programs and terms here...
but get together with you loan broker for an accurate estimate.
Step 2: How much can you afford?
Decide how much you can and want to afford.
Here is a calculator to give you an idea of what you can afford...
But...you want to speak
with your selected
mortgage broker before
you make a final
decision about what you
can and cannot afford.
Based on your goals,
desires and needs there
may very well be a loan
product or program that
you should consider as
well!
There
are new programs offered
everyday. Just a few
years ago it was common
to require 5 years at
the same employer and 5
years at the same
address. How things have
changed! It is really
possible to get
The American Dream!
This is what the sellers
and real estate agents
are looking for,
especially in a Buyers
Market. When
property is selling like
hot cakes, sellers don't
want to waste their time
waiting for the buyer to
finally get approved
for financing. They will
want a PreApproval
Letter from your broker
or lender.
Often what
happens is that the
prequalification is not
worth the salt it was
written in. Rates have
changed, someone forgot some
detail that knocks the
borrower out of qualifying
for the loan, or, more
likely, someone was just not
telling the truth. So the
contract is cancel because
the deadline wasn't met or
the borrower just can't get
financing meeting his needs.
Take the
time to:
- find a
mortgage broker you trust
and feel comfortable with,
- get
prequalified, and then
- get
preapproved!
Your life
will be less stressful and
you will love your home from
the start.
When you get a Florida mortgage through us, we want it
to be a great experience!
Contact us directly at (561) 228-8563 or (888) 431-6387,
ask us a question
or two. Or, click on our Live Chat to
message us now!
We look forward to hearing from you,
our most important client!
Page Updated: 07/31/2007 First Published: 2001 |
