A majority of buyers in this market will need to secure some sort of financing to purchase a home. The good news is, as long as you have a good credit score and steady, verifiable income, it’s fairly easy to be approved for a home loan. The great mortgage brokers we recommend can guide you through all the documentation you will need for loan approval.
Documentation
We’ll need permission to pull your credit report, you will provide 2 months of pay stubs, 2 months of bank statement plus 2 years of tax returns & you will fill out the typical loan application forms. They will also need to verify where, if any, your down payment funds are coming from. As long as the lender can verify all of the information you can get your loan PRE-APPROVED in as little as 1 week.
There are actually two kinds of lender qualifications: Pre-Qualified – which manes, the lender pulled your credit and you ‘told’ them how much you made in income. Then, there is Pre-Approved which means the lender has seen the documentation, your loan has already been approved, you just need to pick a house!
Getting Pre-Approved makes you a much stronger buyer to a home seller than just a Pre-Qualification. So, I recommend you get pre-approved, especially in this competitive market.
Also, be very careful with your finances while shopping for a home. I’ve had people do the following things that cost them to lose a house:
- Buy a new car
- Buy new furniture
- Buy new appliances
- Quit their job!
Don’t do any of those things until AFTER you close on your home. Then you can shop ’til you drop.
Should You Get Pre-Approved to Buy a Home in Jacksonville?
Finally Buy a Home and Stop Renting
Are you ready to house hunt and get pre-approved to buy a home? Congratulations! Buying a house is an exciting milestone. But it can also be a stressful process, especially when it comes to securing financing.
But don’t worry. As long as you have a good credit score and steady, verifiable income, pre-approval is fairly straightforward. Plus, it’s especially easy when you have an expert like Phil Aitken on your side. Here’s what you need to know.
First Steps to Getting Pre-Approved to Buy a Home
To help guide you through the process of securing a home loan, I recommend finding a great mortgage broker. They can assist you with all the necessary documentation you will need for loan approval.
This typically includes:
- Giving permission to pull your credit report
- Verifying two months of pay stubs
- Showing bank statements
- Providing tax returns
- Filling out the typical loan application forms
The lender will verify where, if any, your down payment funds are coming from. Once the lender verifies all the information, you can get your loan pre-approved in as little as one week.
Things to Know About Lending Qualifications
Remember there are two kinds of lender qualifications: pre-qualified and pre-approved. Pre-qualified means the lender checked your credit score and knows how much you make in income. Pre-approved means the lender has reviewed your documentation and the loan has already been approved.
After this, you just need to pick a house! Getting fully pre-approved makes you a much stronger buyer to a home seller. If you’re only pre-qualified, there’s more to do. In a competitive market like Jacksonville, this can delay sales or cause it to fall through. I highly recommend you get pre-approved.
Other Considerations When You’re Planning to Buy a Home
While shopping for a home, be very careful with your finances. Many homebuyers lose out on their dream home because they made financial mistakes before they closed a sale. Some of these mistakes include buying a new car, new furniture, new appliances, or even quitting their job.
To avoid these financial mistakes, put off any big purchases until after you close on your home. You may also want to reconsider changing jobs or becoming self-employed if you plan to buy soon. Once you’ve closed on your new home, you’ll be freed up to make all of those big moves.
Phil Aitken Can Help You Get Pre-Approved to Buy a Home
If you’re ready to start house hunting but you need a little help, let us know. We’ve helped thousands of homebuyers like you start the process and get pre-approved to buy a home. Our team will always work in your best interests and make sure you find your dream home. Hundreds of happy clients will tell you what it’s like working with our team!
Don’t wait to start your homeowners journey! Give us a call right away at (904) 544-5252. You can also use the form on this page and we’ll be in touch right away. And if you need to sell your current home, we can help with that too!
