The process of shopping around for a new home is indeed exciting, but if you are a serious home buyer, you need to begin with a lending office that you can trust. When you start to look for a home, it will benefit you a great deal if you consult a lender to see if you can get a Regina mortgage pre-approval.
You can always start by talking about the different loan options that are available to you and then working out a budget with a lender. The lender will take the initiative to check your credit and talk with you about any potential problems that you might be faced with. No matter what, you will want to find out the maximum amount that you can borrow because this will give you a better idea of the price range that you can shop around for.
However, it is essential that you are careful that you estimate the comfort level you have with a house payment instead of going right for the top of your spending budget. You will need to make your regular monthly mortgage payments, and the last thing you want to do is spread your finances too thin. Finally, many sellers will want you to find a mortgage pre-approval letter and then negotiate with you as long as you have the proof that you can get the financing you need.
Understanding Pre-Qualification vs. Pre-Approval
With a mortgage pre-qualification, this can be a useful estimate that tells you what you can afford to spend when buying a home. However, a mortgage pre-approval is much more valuable because it will mean your lending institution checked your credit history and verified your ability to obtain a specific loan amount. The final approval of your loan will take place after the appraisal is complete and the loan then gets applied to your property.
Getting A Regina Mortgage Pre-Approval
You will have to gather a few things before you are ready to dive into the pre-approval process, including:
Proof of Income – You will need to have your W-2 forms from the past couple of years along with your recent pay stubs that will show your regular income as well as all your year-to-date information. If you have any other income like bonuses or alimony, you need to bring verification for these as well.
Proof of Assets – You will have to have investment account statements as well as bank statements that prove you will have the necessary funds to cover the closing costs, down payment, and any required cash reserves. Many loans will also come with the requirement that you have private mortgage insurance (PMI) or some sort of funding fees unless you put a certain amount down.
Good Credit - Many lenders will want buyers to have a FICO score that is around 620 or higher when seeking approval for a conventional loan. However, there are some lending options available, and it is all a matter of working with the right lender to get you the mortgage you are after.
At Bittner Mortgages, we work hard to take all of the guesswork out of the home buying process. If you are interested in buying a new home and you are looking for Regina mortgage pre-approval, we will be happy to help!Regina Mortgage Pre-approval
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