First Steps in the Home Buying Process
The first step in obtaining a loan is to determine how much money you can borrow. In the case of buying a home, you should determine how much home you can afford even before you begin looking. By answering a few simple questions, we will calculate your buying power, based on standard lender guidelines.
You may also elect to get pre-approved for a loan which requires verification of your income, credit, assets, and liabilities. It is recommended that you get pre-approved before you start looking for your new house so you:
1. Look for properties within your range
2. Be in a better position when negotiating with the seller (seller knows your loan is already approved).
3. Close your loan quicker.
Although lenders conform to standards set by government agencies, loan approval guidelines vary depending on the terms of each loan. In general, approval is based on two factors: your ability and willingness to repay the loan and the value of the property. Once your loan application has been received, we will start the loan approval process immediately. Your loan processor will verify all of the information you have given. If any discrepancies are found, either the processor or your loan officer will troubleshoot to straighten them out.
To learn more about the first steps in the home buying process contact Crown Mortgage Company today.