Locate important documents: Do an inventory before applying to see if you know where all of you important documents are ie. tax returns, 2 months of bank statements (no NSF’s), pay stubs, W2s, 1099s, etc. Also, run a self-credit check; most require at least a 640 score. They will also check to see if you have any recent foreclosures, short sales, bankruptcy or repossessions.
Overachieve: Be prepared and proactive! The lender you are
working with will provide you with a list of documents to turn in, try to submit as much information upfront as possible. If
your application is complete, your lender may be able to get your loan directly
to underwriting for a pre-approval rather than the initial pre-qualification. Anticipate the questions: Questions from a lender is not uncommon. In fact, it is actually a good sign that the lender is working on your file. Lenders will want to know where money is coming from as well as explanations for anything that may seem out of the ordinary. Your lender may ask you to prepare an explanation for any items that don’t line up.
Need a team: As soon as you have your pre-approval, share it with your Real Estate Professional at Regal Homes so you can begin the process of finding the right home for you.
