CALIFORNIA ASSOCIATION OF REALTORS®
reported: Nearly half of home purchases statewide last year went to first-time buyers, the highest since 1995.
Call Barbara
for the answers...
or
|
Why is it important to obtain a
prequalification
from a
lender?
Prequalification is extremely
important. This provides you with all the information
necessary to determine how much of a home you can
afford. A Buyer with a Letter of Prequalification is
in a more powerful position with an offer than a Buyer
without a letter.
What do I bring with
me when I go in for my
prequalification?
The Lender will require
a current pay stub, or 2 years' tax returns if
self-employed, a recent bank statement showing the
cash for closing and any other pertinent information,
such as additional income documentation. The Lender
will want to pull your credit report as well. If
shopping for a loan, only allow the lender that you
are choosing to use pull your credit report as
multiple credit inquiries could lower your credit
score.
Why is important to use a lender
in the area where the property is
located?
Using a local lender is
important. They understand the market and will be able
to meet with you face to face to make important
decisions. Most local lenders will even sit down with
you and review all the final loan documents making
sure that you understand everything that you are
signing.
