One of the most critical parts of the buying and selling process is securing good financing through a reputable lender; here is a list of individuals and companies we’ve found to be some of the best mortgage professionals. Feel free to contact one of them, they will take great care of you!
HOW DO I CHOOSE THE RIGHT LENDER FOR ME?
Choose your lender carefully. Look for financial stability and a reputation for customer satisfaction. Be sure to choose a company that gives helpful advice and that makes you feel comfortable. A lender that has the authority to approve and process your loan locally is preferable, since it will be easier for you to monitor the status of your application and ask questions. Plus, it’s beneficial when the lender knows home values and conditions in the local area. Do research and ask family, friends, and your real estate agent for recommendations.
Choosing the right Realtor® to represent you and the right lender for your mortgage loan are both equally important! No matter who you choose, be sure to go with those who have a proven reputation, so your transaction is as smooth as possible.
Steps to Securing a Loan
WHAT STEPS NEED TO BE TAKEN TO SECURE A LOAN?
The first step in securing a loan is to complete a loan application. To do so, you’ll need the following information.
- Pay stubs for the past 2-3 months
- W-2 forms for the past 2 years
- Information on long-term debts
- Recent bank statements
- Tax returns for the past 2 years
- Proof of any other income
- Copy of driver’s license for applicant and co-applicant
- Copy of Social Security Card for each applicant and co-applicant.
HOW ARE PRE-QUALIFYING AND PRE-APPROVAL DIFFERENT?
Pre-qualification is an informal way to see how much you maybe able to borrow. You can be ‘pre-qualified’ over the phone with no paperwork by telling a lender your income, your long-term debts, and how large a down payment you can afford. Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house.
Pre-approval is a lender’s actual commitment to lend to you. It involves assembling the financial records mentioned above and going through a preliminary approval process. Pre-approval gives you a definite idea of what you can afford and shows sellers that you are serious about buying.
HOW CAN I FIND OUT INFORMATION ABOUT MY CREDIT HISTORY?
There are three major credit reporting companies: Equifax, Experian, and Trans Union. Obtaining your credit report is as easy as calling and requesting one. Once you receive the report, it’s important to verify its accuracy. Double check the high credit limit, total loan, and past due columns. It’s a good idea to get copies from all three companies to assure there are no mistakes since any of the three could be providing a report to your lender. Contact the reporting companies at the numbers listed for more information.
CREDIT REPORTING COMPANIES
Thinking of Moving?
If you or someone you know is considering making a move, contact Team Stafford of Crye-Leike Realtors today. Team Stafford will not only assist you in finding the home that fits your needs anywhere in Horn Lake, Hernando, Nesbit, Southaven, Olive Branch, Walls or any other area of North Mississippi, we will help you find the lender that is right for you. Call us today. Start Packing Tomorrow!