I just used the Mortgage Calculator to find out what my new mortgage payment would be, what’s next?
Next you want to get “PreQualified” through a Lender.
If you have excellent credit, then you could go and apply to your bank or preferably a credit union (better interest rates). You can also use one of our preferred lenders if you like. Simply fill in the form below.
However, if your credit is not stellar, then you more than likely will not qualify to borrow money from your bank, so go ahead and fill out the form below since our lenders work with people of all credit score levels.
Why get PreQualified?
Shopping for your dream home and lifestyle choices may be the first things you think of, but serious homebuyers need to start the process with a pre-qualification from a lender, not just a few open houses.
Buyer Benefits of getting PreQualified
As a potential buyer, you benefit in several ways by consulting with a lender and obtaining a pre-approval letter:
- You have an opportunity to discuss the many loan and down payment options with the lender.
- The lender will check your credit and alert you to any problems BEFORE you are under contract for home you love. This allows us as a team to help you work out any issues or improve your credit score eliminating most of the mortgage-related stress without risking losing that home you love due loan delays (or worse, not getting approved).
- You will learn the maximum amount you can borrow, which will give you an idea of your “buying power”. However, you should be careful to estimate your comfort level with a given mortgage payment rather than immediately aiming for the top of your spending limit.
- You will be ready to put an offer in as soon as you find that perfect home without risking losing the property to another buyer while you work out your financial PreQualification.
- Most home sellers expect buyers to have a pre-approval letter to submit an offer and will be more willing to negotiate with you if you have proof of down payment and that you can obtain financing. This is also known as “proof of funds”.
What happens after I fill this out?
We will be providing the information you provide to our preferred lender, who will contact you almost immediately. They will ask you to fill out a loan application with similar questions to the ones below as well as pull your credit. After filling out their loan application, our preferred lender will be asking you for documents in order to generate a “Pre Qualification Letter” that we will present with your offer on your SW Florida Dream Home as your “Proof of Funds”.
Minimum Documents our preferred lender will need:
- Proof of Citizenship – Copy of Drivers License & Social Security Card
- Proof of Income – Copies of your paystubs (last 2 months)
- Proof of Deposit Available – Copies of your checking & savings bank statements (last 2 months)
- Proof of Consistent Income and Ability to Pay – Copies of your income tax returns (last 2 years)
Once your lender has received and reviewed all these documents, only then you will be officially “pre-qualified” and ready to make an offer on your dream home! -OR- I will help you begin working on the issues to get you pre-qualified as soon as possible.