Are you a 1st time home buyer looking to purchase your first Huntington Beach home? If so, then you have probably been told that you need to start the home buying process by getting pre-approved. The pre-approval process will allow you find out how much you qualify for based on your income and current debt and will give you an idea of how much you would expect to pay per month based on that price.
The pre-approval process also allows you to know upfront what you can expect to budget for a monthly payment as well as know how much you can expect to put towards a down payment in order to help you qualify. A qualified mortgage professional will go over your options with you and help you understand the difference between different programs and also help guide you in the right direction.
Why can’t I go look at properties and then find out how much I can qualify for after I find the right property?
Well, the answer is simple, you need to first make sure that you can qualify to purchase before you get your hopes up by going out and looking at property. The pre-approval letter is one of the items that is needed when your Realtor submits your offer to the Seller. The Sellers want to know that you are fully qualified before they will even consider looking at your offer and without a pre-approval letter they have no way of knowing whether or not you are a qualified buyer.
How long does the pre-approval process take? Can I get my pre-approval letter the same day? How long does my pre-approval last once I get it?
The process is really quick if you have all of your items and will only take a few hours with most lenders.. In most cases, you can have your pre-approval letter the same day which would allow you to go out and start making offers.
What items do I need to get pre-qualified?
1. Your last 2 years of Tax Returns (Business and Personal if applicable) 2. Your last 2 months of all asset accounts (checking, savings, IRAs, 401ks, etc..) 3. Your last 2 Pay Stubs
I have owned a home in the past; do I still need to get pre-approved?
The simple answer is yes as the same principals apply to you. Sellers still want to know that you are approved to purchase. Not to mention, lending guidelines have changed considerably over the recent years and you also need to make sure that you are fully qualified to purchase.
Who can I contact to get pre-approved?
Call/Email/Text me today and I will put you in touch with one of my qualified lenders so they can help you in obtaining your goal of getting pre-approved. Buying a home can be a stressful process and by getting pre-approved before you start to look at property can make the home buying process a lot less stressful and give you the peace of mind of knowing where you stand. If you are considering purchasing a Huntington Beach home then give me a call at 714.376.2711 or email me at firstname.lastname@example.org so I can help guide you through the process.