Help start the buying process off on the right foot by keeping these four tips in mind (otherwise known as partnering with a great mortgage broker):

1. You don’t want to waste your time looking at homes you can’t buy. Check your credit score in advance to be sure you meet the minimum credit standards to qualify for a mortgage. A reputable mortgage company can run the necessary credit report and recommend a credit repair company should there be credit concerns. You can also request a preapproval letter from your mortgage partner. This will save you time and money if you investigate financing before you start the process of looking at homes.

2. Obtain a preapproval. The information needed includes, but is not limited to the following; W2s for the past two years, 30 days of consecutive pay stubs, all pages of the two most recent statements for checking, savings and all investment accounts, a copy of the signed P&S or Warranty Deed Agreement.

3. Prior to home buying, it’s important that you set aside the proper amount of cash for closing. You should keep current on all loan payments, should not make any large purchases on credit, or sign or co-sign on any other loans. If there is any change in employment, you should make all parties in the process aware. These things can affect your credit as well as your ability to qualify for a mortgage.

4. You should be prepared to pay closing costs unless you qualify for a no-points, no-closing cost loan. This is important to mention because you don’t want to fall short and not be able to secure financing at all or have delays when it is time to close.

While a good mortgage partner will be able to handle the specific mortgage related issues that come up, ensuring this process goes smoothly is paramount to getting the house closed, and being educated is your first line of defense.

Deborah Bremner
The Bremner Group at Coldwell Banker
REALTOR, 00588885,
(O) 310-571-1364 DIRECT
(D) (310) 800-2954

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