Today it's imperative that you get pre-qualified! In days of yore, you would just go shopping and off to the races, but with guidelines as stringent as ever, even the most innocuous irregularity in your financial situation could spell disaster if you aren't prequalified up front.
- A Pre-qualification or pre-approval means that you've addressed every potential issue prior to shopping for a home. Often times stuff will show on your credit that isn't yours. Make sure that those blemishes are really not yours. Have time to clean it up. Work with a lender who knows how to help you rid your credit of bad marks on your credit;
- Assets need to be verified, so just saying that you have the money in the bank may not be good enough. Often times you'll have to show that you've had the money for quite some time and that it's seasoned, or that it's been sitting in your account for a certain time period;
- Irregular income - need to make sure that the income is good. Just because you have had great money over the last few months, it doesn't mean that you'll qualify. You need to see a good history of income.
Long story short.....get pre-qualified. It can make all the difference in the world for you.
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