Best FHA lenders with Best FHA rates on FHA loans. 30 year, streamline fha, fha jumbo.

Pre-Approvals Really Do Pay

Summer is just around the corner. Your current home seems like a prison more every day. You decided to go for a drive this weekend and found your dream home. You and your significant other decide it’s time to write an offer. In the mad pace of today’s seller’s market, your real estate agent agrees to meet you in an hour to write the offer without finding out your lender information.

On your way out the door, you too realize the oversight. Should you go to meet the real estate agent or try to meet with a mortgage professional instead, since doing so may mean you miss out on the home you love? Regardless of how great you feel about your current financial situation, you know the right answer is to be prepared.

The real estate market is tight. With inventory shortages across the country it is tempting to put the cart in front of the proverbial horse, so to speak, and find a home you love first. In doing so, however, as a potential home buyer, you are falling further behind in the buying process.

Lenders today are far more critical of files once they arrive in underwriting. Although conditions are similar to a real estate “boom” as in the late 2000s, with home values rising and lack of inventory driving offer prices upward, creditworthiness carries a much greater weight than before.

Even if you haven’t had a problem qualifying for a mortgage or credit in the past, today’s guidelines are much more stringent. What might not seem like a problem or pitfall with your finances or job history may require further documentation to get the approval you seek, so always get pre-qualified.

Another disservice which potential home buyers fall victim to is having an outdated pre-approval. Some documents required for a lender to pre-approve a loan expire, usually after 90 days. These documents include pay-stubs, bank statements and credit reports. Additionally, appraisals must be recertified for value after 120 days.

The take away is evident for the savvy home buyer out house hunting in today’s market. Meet with your mortgage professional first. Always provide them with a complete two year job history. Have your most recent bank statements and pay stubs available. Be prepared to explain any periods of credit delinquencies, housing or work history gaps or anything out of the ordinary. If your credit history has been less than perfect, there might still be options available to buy that home you desire, so speaking to a mortgage professional gets you on the right track before you buy.

A little bit of preparation on the front end, makes closing delays on your dream home less likely. With FHA 30 year fixed rates today at 3.625% and lower, you may not have to live without your new home any longer. To see what loan program is right for your home purchase, contact me today at pwoods@mychartermtg.com.

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