Home Mortgage Interest Rate

Home Mortgage Interest Rate

In today’s ultra competitive Real Estate market where buyers are competing with Cash investors  it’s critical to have your finances in order prior to starting your home search.    In fact, most buyers wrongly assume that because they anticipate a good FICO score, they would have no problem finding financing after they have located a home.

But that’s putting the carte before the house.  In fact, most successful real estate agents will not work with any buyer who has been Pre-Approved for a loan.   To generate a pre-approval letter the lender will require:

Complete Loan Application (Form 1003) including your Social Security numbers

  • Down Payment Amount
  • Employment History including current Pay Stubs
  • List of Assets you currently own
  • List of Liability and your Monthly obligations
  • Schedule of Real Estate owned
  • Bank Statement for Proof of Funds for Deposit

Once this information is supplied to the lender, the lender can generate what’s called a Conditional Approval for purchase of a Residential Home.   This Pre-Approval letter will indicate the maximum Purchase price of a home that a buyer can qualify given their income and assets.

Ironically not all Pre-Approvals are created equal.  Pre-approvals from national lenders such Wells Fargo, Bank of America and Chase are preferred by some sellers since these banks have instituted stringent requirements for underwriting these purchase loans.  Once you are pre-approved you can Contact Us to help you find a home of your dreams.