Mortgage Prep for your Montclair Home Purchase

Your heart is beating so fast you are sure it can actually be seen jumping in your chest like one of those cartoon characters.  No matter how much water you swallow you can’t quench your tongues dry as desert sand feel.  Did I mention how difficult swallowing the water is, as if your throat is closed like a kink in the garden hose?

Can you guess what this person is waiting to hear news about?

Whether or not they qualify for the mortgage loan to buy the house they fell in LOVE with on Sunday when they were casually driving around while thinking about buying their first home!

Application procedures can be stressful, but they don’t have to be.  Preparing for the process removes the tension and actually can make the entire operation a short and even pleasant affair.  Streamlining the whole process requires a few preparatory steps on your part:

• Check your credit report as far in advance as possible. Resolve any issues with late payments by bringing everything current and take any necessary action to correct any errors you discover.  This will result in raising your credit score and that makes qualifying for your mortgage that much easier
• Speak to several mortgage lenders to get a clear picture on what the process entails and what you’ll need to complete an application. As about options, loan types, interest rates and any other questions.  Get an idea what you’ll need for closing costs including down payment
• Get all your paperwork in order. From your discussions with lenders you should have a good picture of what financial documents will be required and any other records you may need to complete the application
• Choose the lender and make application for a loan. A pre-approval will not only reveal the price range you can afford as you seek your new home, but can also help move things along in your favor once you decide to make an offer to purchase.

The downside of finding the house before your financing is in order could include losing your dream home to a better prepared buyer who bids against you.  Your local marketing specialist will provide the information you need to make sure this doesn’t happen to you during the exciting process of purchasing your new home!