Important first steps and required information needed in purchasing property in today's market is understanding
- What your lender will lend you...
- How much of a down payment is required...
- Will the property appraise...
- Primary residence...
- Investment property
- Do you have bank statements and tax returns available...
- How long have you been employed in said profession...
Pre-Qualification vs. Pre-Approval:
Getting pre-qualified for a loan will help you determine what you can afford and gives us a direction to begin our search.
Getting pre-approved from your lender allows you and the Seller the comfort to know your loan will most likely close (given nothing changes during escrow period). I always recommend you meet with a lender before we go out and start our search. This way when you find that perfect property you'll be ready and prepared to put a qualified offer in knowing you'll be able to close the sale with in 30 to 45 days. This is so important in today's market - as once again "multiple offers" are back!
Lenders now-a-days will drown you with paperwork to fill out and an even longer list of documents they need you to produce.
"Patience" will get you the Keys
When you've been approved your Loan Officer will give you a LSR (Loan Status Report) and we can begin our search.
Keep in mind - an LSR will be necessary and "always" required at the time an offer is submitted to a Seller - whether a private party or institution.
I can give you some lender recomendations if desired.
I look forward to work with you in the near future.
Jean M. Klien, PC, Realtor, ABR, GRI
480-695-2433
