Keep in mind that pre-approval doesn’t always mean approval. But it does give you a useful document about your financial standing that you can show a real estate agent. And it helps you focus your search!

Follow up with Approval

The next step is pursuing approval for a mortgage loan. It’s helpful to shop around since not every lender will give you the same offer. Each lender will have different fees and terms, too.

Once you’ve found the home you want, that’s when you submit a mortgage application. You’ll need to submit tax returns, bank statements, and investment return statements. Count on submitting pay stubs and other examples of employment history, as well.

The lender’s underwriting group will make the final call on whether you can get a loan. They may ask for more information from you to do this. If approved, they’ll tell you the loan total.

When you’re purchasing a house as a younger buyer, make a list of what you need. Know your short-term and long-range plans to help focus your options. And keep your price range manageable!

Consider Your Commute

Buying a house further from your workplace translates to extra miles on the road – and more time out of the house.Continue reading→