If you’re getting ready to shop for a home, you’ve probably heard that you need to get “pre-qualified” by your mortgage broker. And, you might be wondering – Why and How? Well, read on, and we’ll tell you everything you need to know.
Reason #2: You need to know how much you can really afford to buy. Nothing is worse than falling in love with a $400,000 home only to find out you really can only qualify for $350,000.
It’s vital that you know, like, and trust who you’re working with. Also, if you’re a new homebuyer, it’s super helpful if your loan officer explains the home loan process in easy to understand English instead of “mortgage speak.”
With Clearwater Mortgage, you can fill out an application online, call us, or come into our office and meet us. No matter how you do it, you’ll be asked questions about your income, assets, and debts. You’ll also have your credit pulled.
If possible, it’s good to set aside a little time (30 to 45 minutes), so you can answer all the questions thoroughly.
Here are the basics of what you’ll need if you have a job.
If you’re self-employed, you’ll need to provide a bit more.
The faster you get this data together, the quicker you’ll get your letter.
For example, if you change jobs, take out a new credit card, buy a new car – all of these things can mess up your pre-qualification.
A good rule is when you’re shopping for a house, don’t make any job changes or take out any credit before you ask your loan officer.
At Clearwater Mortgage, we push to get our clients pre-qualified fast! Once we have the items above, we can usually get the letter out the same day or the next day at the latest. Also, we know that often borrowers are shopping on the weekends so, we’re ready to help during off hours to get new shoppers pre-qualified quickly. Call us today at 727-259-2900.