OBTAINING A LOAN
In preparation of buying a home, it is important that you first obtain a pre-approval from a reputable lender.
The pre-approval is a requirement when submitting an offer for purchase. No seller will consider accepting an offer if the buyer has not been qualified for the purchase.
The pre-approval should be the first step towards buying a home.
Your loan officer will be asking questions about your finances so as to determine what you can afford to spend in monthly payments.
Following is a list of questions you should anticipate from your loan officer in obtaining a pre-approval:
– —Names & addresses for the past two years.
– —Dates of Birth
– —Social Security Numbers
– —Employment History for at least 2 years.
– — Are you paid a salary? Hourly?
– —How much do your earn?
– —Marital status? Number of dependents and ages?
– —How much down payment are you putting down?
– —Is the down payment a gift?
– —What is your monthly comfort zone? How much do you feel comfortable spending on a monthly basis?