One of the first steps you need to take before you look for a house is to talk to a lender and obtain pre-qualification. Pre-qualification simply allows you and the lender to determine how much house you can afford. You should always make it a rule to pre-qualify for a loan before looking at real estate.
In order to pre-qualify for a mortgage loan then, you'll need to supply your credit information and produce proof that you've been employed steadily for the past two years. Your credit report should show that you have not gone through a foreclosure within the past three years or filed bankruptcy within the last couple years.
In addition, your income debt-to-income ratio will be reviewed. All current debts in the form of credit cards, student loans, auto loans, or child support will be measured against your income. Both your debts and mortgage payment should not be any more than 40 percent of your salary.
So, if you have just begun to embark on a search for real estate, you'll want to contact our company about pre-qualifying for a loan. We can give you all the details. Contact us at your convenience or visit our website for further information.
We look forward to talking to you and helping you with your mortgage financing needs.
The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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