The VERY 1ST STEP in the home buying process is to understand how your mortgage financing will be structured and why. Knowing what mortgage lenders look for ahead of time takes the stress out of the pre-approval process by preparing you for how the conversation will go before you actually speak/meet with a local mortgage lender. This document outlines in general terms "What Lenders Look For" in regards to mortgage pre-approval's and covers the following topics in order of importance:
- Credit - Learn the full range of qualifying credit criteria and which ranges qualify for particular financing options
- Income - Learn how your pre-tax income and monthly recurring debts play into how much of a mortgage you should qualify for
- Employment - Learn how your employment history and industries that you've worked in play into your pre-approval
- Assets - Learn how your specific assets play into the pre-approval process
Once you're fully pre-approved and understand the details of your: Loan Program, Down Payment (if any), Closing Costs (if any), Pre-Approval Amount and monthly payment amount it's time to start the home search. Use any "Custom Search" button found on this site to SET and SAVE your search criteria. Saving your custom searches ensure that you never miss out on a home that meets your minimum search criteria. Always SAVE your searches and you'll be alerted automatically to new listings the instant that they become available. You can also schedule private tours, save listings and ask particular questions along the way. Furthermore, saving searches is a GREAT way to learn the market trends and asking prices in neighborhoods that you may consider living in but might know know as much about as other neighborhoods. So, save as many searches as it takes to gain the market knowledge that you'll need and we'll be in touch to help you further customize the listing results. Thanks!