The process of buying a home is time-consuming and complex. This is a well-known fact. When trying to apply for and qualify for a mortgage, things get even more complicated. What many people don’t realize is that the entire process begins with being pre-qualified for a loan. A smart step is to find a professional to explain this situation, and Dustin Dimisa can help. However, there is some other information that may prove helpful and beneficial, too. Keep reading to learn what this information is.
Conduct a Credit Check
Without a credit score, and knowing that score is, it is impossible to be pre-qualified for a loan. If someone can’t get pre-qualified, they will never be approved. Therefore, it is essential that prospective home buyer know their credit score and their credit history before they apply for pre-qualification. It is possible to get a free credit report each year. There are also pay-to-play services that will provide a person’s credit rating.
Communicate with the Loan Originator Securely
The loan originator is the person who oversees the mortgage file from beginning to end. They will provide the needed disclosures and information about a mortgage and let someone know what documents or information must be provided for their file. Today, communicating with a loan originator securely is easier than ever before. Some of the top options include mobile apps, text messaging, and email.
Search for a Reputable and Trustworthy Lender
It is essential to take time to find the best rate possible. However, it is also important to find a reputable company. For example, try to find a mortgage company that is backed by a bank that is nationally chartered. Also, many mortgage lenders will service approximately 98% of their loans, which means there will be no customer service problems down the road.
Apply Online Safely
Applying for a mortgage is something that requires a lot of paperwork. However, a lot of this can be handled online. Also, applying online for pre-qualification is possible quickly and safely. Find a mortgage lender that has done this for years and has the process down to ensure it is as fast and painless as possible.
Acquire the Pre-Qualification Letter
Once someone has applied for mortgage pre-qualification and submitted the needed documentation for verifying income and employment, it is time to get the pre-qualification letter. It is a good idea to have this in hand before submitting any offer on a house a person is considering buying.
Submit the Pre-Qualification Letter
Once the pre-qualification letter is in-hand, it is time to give it to a real estate agent. They will submit the offer that a person wants to make. To do this, they need to have a copy of the qualification. From this point, the letter should be close to being accepted.
Being informed and knowing what to expect and do are the best ways to ensure the desired results are achieved with the mortgage approval process. While this is not a quick and easy process, with the tips here, it can be quicker and easier than usual.
