You may have heard the news that mortgage rates are moving up quickly based on the recent economic developments. PRE-QUALIFY NOW! You don’t want to miss the boat!
Getting Pre-Qualified prior to beginning the home search is critical.
As experienced Brevard County real estate agents we can refer you to the knowledgeable, trustworthy mortgage professionals that we work with on an ongoing basis. It will still be up to you to ask them the right questions such as:
Questions to ask potential lenders:
- Can you let me see the HUD-1 closing statement on the last deal you completed?
- What are your loan programs? Do you offer VA loans (for example)?
- Can I see a Good Faith Estimate right away?
- Could you estimate closing costs for my loan?
- Can you estimate and explain your fees?
- How and when will you earn your income from this loan?
- Will you get approval for my loan locally?
- Are you certain you can get this done in time for closing?
Additional questions for mortgage brokers:
- How do you get paid, in points or commission?
- How much will you make on this loan from the lender?
- Name some of your top lenders.
Getting Pre-Qualified prior to beginning the home search is critical. To do this, you would need to submit a Pre-Qualification request along with your financial documentation. The following documentation will be needed: • Two most recent years of W’2’s/income 1099’s (Down Payment Assistance Programs will require 3 years) • Two most recent years of Federal Income Tax returns (Down Payment Assistance Programs will require 3 years) • Two most recent pay stubs • Two most recent months of bank statements (all pages).
If a loan officer does not ask for or properly review all of the documentation listed above then they may not be very experienced. This could hinder your transaction, so make sure your loan officer is experienced and aware of all the issues that come to light once the actual documentation has been reviewed. A Pre-Qualification is valid for 90 days from the date that the credit report has been pulled. At the time of closing, most documents like your credit report, income/asset documentation, etc. may require updating. For this reason it may be prudent for the Home Buyer not to make any large purchases such as cars, boats or furniture until after the closing. Should anything be older than 90 days, an update will be required.
By submitting this form with your telephone number and/or email you are consenting for SouthStar Realty Associates, Inc. and its authorized representatives to contact you for the purpose of helping you find a home and to put you in touch with mortgage professionals. Thank you for allowing us to be “at your service”! Let’s get started!
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