The key to successful homebuying is preparation. I know that doesn’t sound exciting and you really want to be out looking at houses, but believe me, you will thank me later. This step is important because it will save you a lot of frustration and headaches and it is really comprised of three not-so-difficult steps:
- Meet with Me – I want to get to know you, learn more about your needs, and determine what steps you have taken so far. From there I can determine if you need to take steps 2 and 3 below or if you are ready to skip to our next phase. This meeting will also help me do some research on what and where you are buying to determine our options.
- Meet with Lender – You may already have a lender whom you have worked with before that you like, or you may need a referral or two. I have great lenders and would be happy to steer you in the right direction. My advice is that you meet with more than one lender in order to understand their mortgage programs in order to determine which will work the best for you.
- Get Pre-Approved – The lender will ask you for a list of items which may include:
- Asset and investment statements
- Bank account statements
- Credit card statements
- Auto loan statements
- Pay stubs for the last two months
- Verification of other income sources
- Tax returns and W-2s for the past two years
- Form of ID
- The mortgage application
There may be additional documents the Lender will need based on your situation and your needs. You may be asked to supply additional documents once the above documents are reviewed. This is all part of the pre-approval process and normal.
Once you are preapproved, know your price range, and are prepared to make an offer when the right house comes up, then we are ready to move to the During stage.