Journeying away from our typical mortgage or loan tips and guidelines to speak about something that is equally as important and impactful when purchasing a home– delayed gratification.
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While a pre-approval shows that your lender could provide you with a loan in that amount, it only applies to your financial situation at the time of the pre-approval. Meaning, if your financial situation changes drastically from the day you’re pre-approved to when you find a home to make an offer on, your pre-approval may not still stand with the same terms.
Nearly everyone that comes to us comments on the amount of documents needed for a mortgage or refinance they have to provide us with. We know, it is a lot. But, in order to apply for a mortgage or refinance, we need specific documents.
You’ve finally decided to take the plunge into homeownership, but finding out where to begin can be difficult. Here at Mortgage Specialists, we advise that you seek out a lender before beginning to house hunt.
When first-time home buyers come to us, we take the time to explain all the ins and outs of the mortgage process. We teach them what to look for and common home buying mistakes to avoid.
It's generally best to obtain pre-approval early - before starting to look at homes. We recommend getting pre-approved as early as six months to a year in advance.
Conventional loan guidelines were created by the government and are enforced to protect the lender, borrower, and investor.
In order to obtain a mortgage pre-approval, the buyer needs to provide their lender with a picture of their financial situation. After receiving the documentation, the lender analyzes the buyer’s information and determines if they’re eligible for a loan. If they are, the lender issues a mortgage pre-approval for a certain amount.
Regardless of where you get a mortgage, you will always need three things - income, credit, and money down - and you’ll need the proper documentation for each.
First and foremost, buying a home and obtaining a mortgage is a significant financial decision, often involving substantial sums of money and long-term commitments. Whether it’s a mortgage company, credit
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