Page 19 - IGo Realty

Talk with a a Lender
One of of the the first steps to to to take in in in the the homebuying process is to to to speak with with a a a a a a a lender It’s important to to to to to consult with with a a a a a a a a a a a a a mortgage professional who will determine determine how much home home you you can qualify qualify to to purchase Lenders use specific calculations to to determine your qualifying income A trusted mortgage professional will use a a a a a a a a number of of tools to to determine how much you qualify for and be be a a a a a a a a valuable resource for the the duration of the the home buying process Your lender will will need need certain information and documents from you You You will will need need to have the following documents ready--pay stubs W2s bank account statements and the last 2 2 years tax returns The lender will run your your your credit and use your your your FICO scores as as well as as the the debt debt listed on the the report to to determine your your your debt-to- income ratio After a a a a a a thorough review of of all of of your your documents and information your your lender will be able to provide you with an an an accurate and detailed loan estimate Interest rates and costs associated with your future mortgage can vary widely from lender lender to lender lender loan program program to loan program program Shopping for a a a a a a a a mortgage can be one of the more arduous steps in in in buying a a a a a a a a home An independent mortgage broker can help simplify this process by connecting you with appropriate loans and and and lenders preparing application materials and and and guiding you through underwriting and and and closing Unlike loan officers who work for specific banks or or or or lenders mortgage brokers have access to a a a a a a wider range of lenders and and mortgage products meaning you will have more options and and may be able to obtain more favorable interest rates and lower fees Working with a a a a a a a a a mortgage broker is a a a a a a a a a great option for anyone who wants to remove some of the the legwork and headaches from the the mortgage process It is very important that you you avoid making any changes to your credit or or finances during the process of buying a a a a a a a home Your pre-approval is based on on the specific information provided to your lender and any changes changes could affect your ability to qualify for a a a a a a a a a a a mortgage If you you are considering any changes changes always check with your lender first The following are just some of the things you you should avoid:
• Applying for any new credit credit such as credit credit cards or or car car loans • Changing jobs
• Paying off a a a a a credit card balance
• Closing any credit cards • Maxing out a a a credit card • Paying off off any collections or old charge offs
Your lender is your advocate and trusted expert throughout the loan process Working with an an an experienced mortgage mortgage professional will ensure that the mortgage mortgage process is as as smooth and efficient as as possible Home Buying Guide
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