If you’re thinking about taking the plunge into homeownership, before you even start looking, talk to a qualified mortgage professional to get preapproved for a home loan. Armed with that information, you can make better decisions on the type of Brooklyn real estate you can afford to buy.
Follow these steps to get preapproved for a mortgage:
1) Get referrals. Ask family, friends, neighbors and your Brooklyn real estate agent for referrals to a lender with whom they have had a good experience. Talk to several lenders to compare service, rates and other options.
2) Review your credit report. If anything unexpected appears on your report, do what you can to resolve the issues before you apply for preapproval. Lenders will review your credit report before preapproving you for a home loan.
3) Provide financial information to the lender. This usually includes documentation of your income, recent statements for all your checking and savings accounts, assets and debt (for instance, credit card debt and car payments).
Even though the preapproval process is rigorous, obtaining a preapproval still does not guarantee that the lender will ultimately fund your loan. Lenders still need to look at property appraisals, verify your information and potentially check your credit again before agreeing to give you a mortgage.
Preapproval helps you narrow the focus of your Brooklyn real estate search to properties that are within your financial reach. It also helps you check out lenders to find one that is the best match for your situation. When you find the Brooklyn real estate of your dreams, you’ll be ready to move to the next step!
If you’re looking for more information on the home buying process, I can help. Give me a call today at Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate a call at 718/253-9600 ext 206 or email me at [email protected]