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?