Get Pre-Approved

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The Buyer Experience

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Get Pre-Approved

The very first step of the home-buying process is to get a pre-approval letter from a lender stating how much you are qualified for. A pre-approval is only valid for 30-90 days, so while you can start talking to lenders, you’ll want to wait to get that pre-approval letter when you’re ready to buy.

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Questions To Ask Potential Lenders

What type of loan do you recommend for me? Why? There are multiple types of mortgage loans, and you should know which one is best for you and how it works. 

2. Will my down payment vary based on the loan I choose? If you’re tight on cash or don’t want to be cash-poor, let your lender know. Loans vary in their down payment requirements.

3. What is the interest rate and the annual percentage rate (APR)? Everyone talks about the interest rate, but the APR is just as important. It combines the interest rate with the fees a lender charges to originate your loan.

4. Can I lock in the interest rate? If so, for how long? If you think rates will be moving up, ask if you can lock it in for a set period of time.

5. What will my closing costs be? Are they a part of my loan, or will I pay them in cash at closing? Closing costs usually run 3-5% of your loan value so you need to know how they’ll be covered.

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Which Type Of Loan Is Right For You?

CONVENTIONAL LOAN

The most common type of home loan, which is offered through private lenders by government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac.

FHA LOAN

Loans are designed for those with high debt-to-income ratios and low credit scores and are most commonly issued to first-time homebuyers. Offered by FHA-approved lenders only and backed by the Federal Housing Administration.

VA LOAN

Loans are designated for veterans, spouses, and reservists, offered through private lenders, and guaranteed by the U.S. Department of Veteran Affairs.

USDA LOAN

Loans for homebuyers in designated rural areas, backed by the U.S. Department of Agriculture.

JUMBO LOAN

A jumbo loan is a type of mortgage that exceeds the conforming loan limits set by government-sponsored enterprises (GSEs). Interest rates on jumbo loans can vary and are influenced by factors such as the borrower's creditworthiness, the size of the loan, and prevailing market conditions. 

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The Do's Of The Loan Process

  1. Do keep all accounts current, including mortgage, car loans, credit cards, etc.
  2. Do contact both your lender anytime a question may arise.
  3. Do make all payments on or before due dates on all accounts, even if the  account is being paid off with your new loan.
  4. Do you have any lender-required money/funds to your loan officer within 72 hours after the home inspection is complete.
  5. Do return phone calls from your agent, loan officer, Settlement Company, or anyone else involved in your transaction ASAP!
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The Dont's Of The Loan Process

These remain in effect before, during, and after loan approval until settlement when your loan is funded and recorded. Many times credit, income, and assets are verified the hour before you have signed your final loan documents. 

MAKE SURE THAT YOU DO NOT:

  1. Don’t buy a car
  2. Don’t get married or divorced
  3. Don’t change professions or start your own business
  4. Don’t change bank accounts
  5. Don’t buy ANYTHING! (appliances, furniture, etc.)
  6. Don’t throw away documents
  7. Don’t get lazy with monthly bills and incur any late payments
  8. Don’t let anyone run your credit or apply for any credit cards

Still Have Questions?

Buying a home is a monumental step, and questions are natural. We're here to support you every step of the way.

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