How to Cut Through the Red Tape of Mortgage Prequalification

It is no secret that the home loan process has changed over the last

few years and obtaining your mortgage pre-qualification letter may take a little more work on your part than in years past.  Most home buyers need to obtain a home loan and mortgage when purchasing their home and I wanted you to have a little more information on how the process works and how you can be better prepared for your pre-approval.  Laurie Johnson at Express Mortgage Lenders who handles many home loans for people in Pasco and Hernando counties is one of my preferred lenders and I have asked her a few questions in preparing for this article.

You will need a pre-approval from a lender before you can even start looking at homes to purchase. So the first step is to call a reputable mortgage lender.  What that mortgage lender will ask you for is this:
     2 years of tax returns (a definite for 1099 workers)
     2 months of bank statements (checking, savings, money market)
     2 current pay stubs 
     2 years of W2's 
 Gift funds to close will need to be "sourced" that means that if someone gives you money to help with your closing costs the bank will not only need to see your statements before and after the deposit but they will need to see the other persons bank statements before and after the funds were given. **if you are using money from someone else to close ask them for their 2 bank statements as soon as possible**

You may need to also provide a "letter of explanation".  This letter may be needed to explain items on your credit report, why you are moving, why you are moving from another state, explanation of unemployment periods, what caused a negative item on your credit report etc... this letter should be hand written and signed. If you prefer to type the letter, be sure to print it and sign it in blue ink and scan a color copy over to your loan officer.  

Home loan mortgages are Not "harder" to get than in years past.  

The mortgage pre-approval process has only gotten more thorough.  You may feel that the process is a big nuisance but it is to ensure that borrowers have more financial security and ability to pay back their home loan debt.  If you have any questions regarding the home loan and mortgage approval process you can contact Laurie Johnson at Express Mortgage Lenders and she and her staff will assist you any way they can.  

written by Michael J. Gallo

Buying a Home in New Port Richey Florida - What to Do First

Buying a home in New Port Richey Florida is an exciting and

important time in your life.  You want to find the perfect home with all of the features you want and need to accommodate you and your family.  My job as your real estate professional is to find you available homes for sale that fit your needs.  In order to do my job the best possible way, I require my home buying customers to meet me at one of our Florida Luxury Realty offices for your consultation.

Before we meet for our consultation, you should speak to a mortgage lender.  I have a list of local mortgage professionals that I can provide you.  The first step to buying  a home is to contact a mortgage professional and obtain a pre-qualification or pre-approval letter.  Your pre-qualification is very important and will tell us how much home you can afford.  Once we know how much you can spend on your home and how much you are comfortable spending we can have our initial consultation.

Once you have a pre-qualification you can start on your path

to buying a home in New Port Richey Florida.  Your initial consultation will cover how much home you can afford based on your pre-qualification and what type of funding you will be getting ( FHA, VA, Conventional) I need to know this information in order to write your purchase contract on your next home so getting pre-qualified is very important and you will not be looking at homes until that process is completed.

Following these easy steps will insure your home buying experience is not only easier but it will take you less time to find the right home because of the information I obtain from your pre-qualification and your consultation.  Buying a home in New Port Richey, Trinity, Port Richey or Hudson Florida is the single largest investment for you and your family.  I do not take this lightly and my job is to assist you in buying the right home.  If you or someone you know is interested in Selling or Buying a home in New Port Richey or Trinity Florida, Contact Me Today to discuss your real estate needs.