How to get a mortgage for a home in Stark County or Summit County, Ohio.
What is the best first step of the home buying process?
If you plan on using financing to purchase your first home or your next, getting pre-approved for a home loan is the best first step to take when you are thinking about buying a home. This involves talking to a Loan Officer and they will do an in-depth overview of your ability to get a loan so they can identify what your loan options are, help you understand your down payment options and ultimately provide you with a written document explaining the amount you qualify for. This written commitment is good for 90 to 120 days.
Information needed at the time of pre-approval includes having the lender run a credit check, reviewing your debt-to-income ratio, gathering information on what your down payment will be and verifying your income. They will also request documentation including tax returns and pay stubs.
Many home buyers will begin looking at homes first, thinking they will get pre-approved and talk with a Loan Officer once they find the home they are ready to make an offer on. You can do this, however you do run the risk of losing the home you love because the seller accepted another offer while you were working on getting pre-approved, or you may find out you cannot afford the home or you may even find out you do not qualify to buy a home at the current moment.
Overall, talking with a Loan Officer is a great first step to understand more about financing your dream home. Kevin and Jose Medina & Associates work with reputable lenders that get clients pre-approved quickly, offer competitive rates and programs and overall work hard to ensure the loan process runs smoothly. If you are ready to talk with a financing expert, contact Kevin and he can connect you with a list of preferred lenders.