Buyer Financing: First mistake

Dated: November 14 2021

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First mistake 1st-time homebuyers make.

“There’s time to find a mortgage after you find the house.”

Finding a mortgage feels more like a chore. If you save the financing step until after you’ve found the perfect home, there is no chance the home will still be available by the time your preliminary loan paperwork for a pre-approval comes through.

Your first call when you may be considering purchasing your home should be either your bank or your trusted Realtor who will make a recommendation on their go-to mortgage broker. Either one will present the process and put you in the best position to purchase.

Important reasons why before making your first viewing appointment:

1.     A realistic guideline of your “shopping dollars”. You might qualify for a larger loan or in some cases, less.

2.     Due to COVID-19, many sellers now require a buyer’s preapproval letter as a requirement to even schedule a showing. This cautious approach keeps only qualified serious buyers at the seller’s door.

3.     If an agent is willing to show you properties without a requirement that you present a pre-approval to them initially, then they probably aren’t the best agent.

4.     You are window-shopping, (doing only the fun ) then you find a home that checks all your boxes and you want to make an offer immediately. Without your proof of funds, your offer will not be considered.

Call your Realtor’s lender or your banker and secure a pre-approval on the phone after sending a few documents via email.

 Documents Required:

- Last 2 months Bank Statements all pages

- Most recent months worth of paystubs – if not self-employed

- Last 2 years tax returns with all schedules w/W2’s

- Copies of Drivers License & Social Security Cards

- Last 2 years Corporate Tax Returns with all schedules, if self-employed

Just do it.

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Courtney Silverman

• I KNOW RESIDENTIAL REAL ESTATE • Full-time top producing Real Estate Professional 17 yrs+ • The process will be easy and stress-free • Marketing, Negotiating skills, Competence & Ethical sta....

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