The Home Buying Process – Consult a Lender
When you are serious about starting the home buying process, the first step is to consult a lender to determine what you can realistically afford, and to obtain a pre-approval. In times past, buyers would not apply for a loan until their offer was accepted. These days, though, you have to prove your ability to purchase a home when you submit your offer – namely, a loan pre-approval letter for the purchase amount plus a bank statement showing your down payment funds.
The lender will need several things from you in order to figure out what you can qualify for. Tax returns, bank statements, and paystubs are examples of the things you will need to turn in. He/she will review your information and issue a pre-approval for the amount that you can afford to spend on your house.
If you have credit problems or don’t quite qualify – the loan officer will help you develop a checklist of things to do in order to qualify for the loan you want. The items on the list may take you some time to complete, but don’t be discouraged. Stay in contact with the lender as you work on the list to make sure that that you stay on track to buy that home as soon as possible.
Call me today at 949.633.1612 to discuss what is happening in today’s south Orange County real estate market and how it is affecting your buying options. I would be happy to connect you with lenders who work well with first-time buyers and to assist you in the home buying process.
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