Are you ready to purchase a home? Here are 7 Tips To Help Your Loan Process. If you feel that you are ready to purchase a home, there is some information you should be ready to provide to your loan officer to be sure to have the financing process goes smoothly.
Know your credit information, income, assets and which program is the right for one you.
Here Are 7 Tips To Help Your Loan Process Go Quickly and Smoothly
1. Make sure your credit is in good shape
- Check your credit score
- Excellent Credit: 750+
- Good Credit: 700-749
- Fair Credit: 650-699
- Poor Credit: 600-640
- Try to get your credit card balances below 40% of the limit
- It’s best to have at least 3 open and active accounts listed on your credit report
2. If you’re renting, pay by check
- Having documented proof of your last 12 months of payments is often required by the lender
3. Obtain proof of employment for the past 2-years
- W2s and tax returns
- Paystubs covering 30 days
- Be prepared to explain any gaps in employment
4. Avoid large deposits or withdrawals from your bank account
Lenders look at your bank statements and will want to verify any large deposits or withdraws shown on your bank account. With that said, if any of those deposits are not verifiable whether being cash deposits or possible an undisclosed loan deposited, those funds will not be able to be used towards the transaction.
5. Determine a down payment amount based on your available funds
Nearly every loan requires at least a small sown payment contribution unless the financing being used is a VA home loan or you are a first time home buyer. Make sure you have run the numbers and have enough funds to close including down payment and closing costs.
6. Obtain a pre-approval letter from an Independent Mortgage Professional
Mortgage professionals can promise you the world and swear up and down that you qualify, make them put their approval where there mouth is! Don’t get caught up with hear say with out obtaining a pre-approval letter. At Valor Lending Group, we can get you a pre-approval letter as fast as 24 hours from your call.
7. Research a local real estate agent
A local real estate agent will serve you better than one who works from a distant city or county. This is because a local agent has their finger on the pulse of their marketing area and will know how to negotiate and discuss your offer with other local agents.
CONTACT US TODAY and I will assist you through the process.
Call or email me for immediate attention to your scenario!
Valor Lending Group can fund your fast-hard money loan up to $10mm in as little as 7 days often without an appraisal.
Valor Lending Group also offers literally every loan in the book! Check out more information on our programs CLICK HERE and please do not hesitate to call on me for any scenarios. I look forward to an opportunity to demonstrate my prompt and professional service.
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