MISTAKES FIRST-TIME HOMEBUYERS SHOULD AVOID
DON'T BE A NEWBIE: AVOID THESE COMMEN MISTAKES WHEN BUYING YOUR FIRST HOME.
NOT GETTING PRE-APPROVED FOR A LOAN
YOU'VE RUN THE NUMBERS SEVERAL TIMES NOW AND KNOW JUST WHAT YOU CAN AFFORD. THAT'S GREAT!
BUT IF YOU WANT YOUR OFFER TO BE TAKEN SERIOUSLY BY THE SELLER, GET PROOF OF INCOME AND ASSETS IN THE FORM OF A PRE-APPROVAL LETTER FROM A LENDER.
Pre-Approval is a stronger commitment from a lender than pre-qualification. So being pre-approved can give you an edge when there are multiple offers on a home.
Here’s a basic list of what you might be asked for to get pre-approved for a home loan …
1. The social security numbers for you and your spouse if you’re both applying for the loan together. This allows your lender to run an accurate credit check on you.
2. Copies of your checking and savings account statement for the past six months
3. Documentation of other assets you might have, like stocks or bonds
4. A recent pay stub that shows your earnings – and the contact information of someone who can confirm that you work there
5. A list of all credit card accounts, with current balances
6. Your last two years of income tax returns Each lender might have other requirements for pre-approval.
If you have any questions, I’m always available to help.
John Castellli, Realtor
(773) 851-7636