Are you shopping for a home, hoping to take advantage of the historically low rates available right now? Have you gotten pre-approved yet? Then what are you waiting for? Shopping for a home is the largest purchase you are ever going to make, and you need to know how much money you can afford. Get a pre-approval on your mortgage before you shop.
Remember, pre-approval isn’t a contract. It’s a number that we find when we determine by going through your financial picture, step-by-step, and finding out what you can afford. It’s not a final agreement, though. When we have completed the pre-approval, we will use the information that we gathered to find the loan amount that works best for your situation. Finding the right mortgage amount, after the pre-approval, is a balance of what you want, what you can afford, and what your credit report tells us.
Keep in Mind
Your pre-approval is just the very first step in the home loan process, so you have to make sure to keep all of your other paperwork together and available for when you’re ready to buy. Being prepared will speed up the process immeasurably, so we’re not waiting on paperwork to finish. We can close for a prepared buyer in two weeks. We will need to see: proof of income, tax returns, income from alimony or child support and even divorce papers. Your credit history will be pulled also to help us understand your payment history, and the risk factor in lending you a giant sum of money.
Why Should You Get Pre-Approved
It lets you know what to expect. While it may not be the exact amount that you ultimately are approved for, it will be very close, depending on how your paperwork shakes out. Knowing what to expect gives you a leg up on all of the other families looking to buy a home in this market, where there is limited inventory and very low rates.
When you have your paperwork ready and are ready to buy your home, call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 or Nashville at (615) 810-8555. You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?