This step is sort of a jumb back from Step 6 but we were on a roll I forgot to go through this step with you first. So here is the part where we talk about some serious stuff....You're Pre-Approval!
Before you even start looking at properties you need to make sure you are pre-approved to buy a home.
What the pre-approval does for you:
1. Tells the Realtor you are working with that you are serious
2. Show's how much you are "pre-approved" to buy
3. Shows the sellers when you make an offer that you already have a bank that says YES you can get a home loan to buy their house
4. Lets you know, and feel good knowing, that you can buy a home based off of your info!
What will your bank need to get you pre-approved?
1. Your information (ss#, DOB, employer info, checking and savings account info, income info, and residence history)
2. Usually they will want to know what price range you are looking at, they will calculate the same figures that you already did so let them know you are a step ahead of the game and show them your numbers!
3. How much down payment you will be putting down
4. What type of Mortgage program you want to go with
5. Term of your loan (15, 20 or 30 year)
If you would like to get started on a pre-approval Click Here My site is through Wells Fargo Home Mortgage and is safe to be used.
Once you have gone through the pre-approval application proccess your lender will give you a letter that says Congratulations you have been pre-approved to buy a house of such and such price! This is the letter that your Realtor and the seller will want to see.
Contratulations you are done with Step 7!
To apply for a loan visit My web page
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