Step 2. Pre-approval- The 2nd step in the Home-buying process is Pre-approval. This can be done along with your initial consultation, or it can be done at a later date.
2-a. The first step toward pre-approval is to fill out a loan application. This can usually be done either in person, over the phone, or online through your lender's website. Here is the link to our online application.
It is not necessary to have an answer for every single question on the application, but it is critical to fill out the application as completely and accurately as possible. Getting all of the information on the application can save a lot of stress later in the process.
If you are going to do the application in person or over the phone, typically you will want to plan on at least 30 minutes to complete it. If you run out of time, the application can be saved and completed at a later date.
Applications done in person, at the lender's office, typically take a little bit longer because the circumstance usually results in more question and answers. An in-person consultation can be highly beneficial to the Borrower, especially if it is a joint application (husband and wife, for example) and both Borrowers would like to be involved in the mortgage planning process.
2-b. Once the application is near completion, your Loan Officer will use the information you have provided to pull a copy of your credit report. A mortgage credit report consists of information gathered from all three Credit Bureaus (Equifax, Experian, and Transunion). As a borrower, you will typically have a different score with each Bureau. These scores range from 350 to 850, with 850 being the best possible score. For the purpose of pre-approval, the Loan Officer will use the middle of the three scores. Credit reports are typically valid for 90 days, at which point they will be updated for accuracy. This is why it is very important to monitor and maintain your credit throughout the home-buying process. Never neglect your credit or make late payments because "my score has already been checked".
2-c. The next step toward pre-approval is providing the documentation requested to the Loan Officer. Once the Loan Officer has reviewed all of the documentation to accurately determine your income and asset levels, they will be able to issue your pre-approval. Once the Loan Officer completes your pre-approval, you will want to make sure that you review the terms (purchase price, loan amount, payments and closing costs) so that you know how you want your Real Estate Agent to write your offer.
Visit again soon to learn about Step #3
Kevin Hancock
Loan Officer
License # MLO-108328
at 
360.698.6478 office
206.849.6326 cell
425.283.4642 fax
kevin.hancock@legacyg.com
Please visit our new website at www.hancockmortgageteam.com
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