Financing

Now that you know you want to buy a house, how do you know how much you can afford and if you qualify for a loan? Get a competitive edge by getting pre-approved for a mortgage.

The process of buying a home is not one to enter lightly. Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this is to get pre-approved for a loan early in the homebuying process. By taking this step, you stand out from the crowd. It shows sellers you’re a serious and qualified buyer and can give you a competitive edge if you enter a bidding war. If you don’t already have a mortgage lender in mind, let me know! I can put you in touch with some of the best in the industry.

Pre-Approval

Pre-Approval is a formal process that includes completing a loan application on-line and providing documentation regarding income and assets. During the Pre-Approval process the lending specialist will ask for authorization to check credit in order to analyze debt ratios. Lenders will evaluate several factors connected to your financial track record, one of which is your credit history. They’ll want to see how well you’ve been able to minimize past debts, so make sure you’ve been paying your student loans, credit cards, and car loans on time. Pre-approval will help you better understand how much you can afford so you can confidently make a strong offer and close the deal. 

Loan Application Checklist

Most lenders will have you go online to apply for pre-approval. You will be asked to provide documents that help determine how much you are qualified to borrow, including a credit report, W-2 forms, pay stubs, Federal Tax Returns and recent bank statements.. The lending specialist will typically ask you to upload the documents through a secured link. Download our loan application checklist here.

Mortgage Application

Once you have found the property you’re ready to buy and your offer has been accepted, your lender will help you complete a full mortgage loan application, and talk you through the various fees and down payment options. The application is then reviewed, and the home appraisal and title examination ordered. Finally, the loan is sent to an underwriter, who reviews and approves the loan if it meets compliance.

Closing

Once your loan is approved, your documents will be sent to the title company where you’ll sign for the new home and pay any remaining costs. The loan is then recorded, and you get the keys to your new home! 

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Our goal is to serve our clients for the long term by educating, informing and sharing our expertise about the real estate market.
NANCY DINSHAW, Broker Associate
DRE# 01924283
19400 Stevens Creek Blvd, Ste 200
Cupertino, CA 95014
T. (650) 549-5539
C. (650) 223-4956
E. nancy@liveinthebay.com
© 2020 NANCY DINSHAW ALL RIGHTS RESERVED. DRE# 01924283. KELLERWILLIAMS REALTY is a licensed Real Estate Broker and abides by equal housing opportunity laws. Website by Audacious Designs.
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