Again, you’re in the right place. Florida Elite Real Estate has years of experience helping homebuyers in Brevard County and has been able to deduce the best local lenders specific to each type of buyer. Maybe you intend on using your VA benefits by way of a VA loan. Maybe you’re weighing the difference between an FHA loan and a conventional loan. Maybe you don’t know where to start! Whatever the case may be, working with the right lender will not only save you time and money, but it is crucial to successfully buying real estate and closing on time. If you don’t know where to start, we would be happy to point you in the right direction. Call 321-266-1798 and we will get you started!
One of the first steps in acquiring real estate is determining how you are going to pay for your new home, condo or townhouse. If you’re not paying cash, you will need a loan. Many buyers make the mistake of starting their home search before speaking to a lender. While looking online at properties is a good way of establishing your search criteria, visiting properties with a Realtor prior to getting pre-qualified or pre-approved could be a giant waste of time. Instead, it is recommended that all potential buyers first consult with a lender to establish buying power and a budget.
It should be noted that there is a difference between getting pre-qualified and pre-approved. A pre-qualification can easily be established over the phone by speaking with a local lender about your income, debts and credit score. This is a good step in the right direction, but it ultimately does not prove that you are a qualified buyer. A pre-approval is more formal in that it requires a lender to actually run your credit score and process your documentation. The result of a pre-approval is knowing how much a lender is willing to let you borrow. The benefit to having a pre-approval letter is knowing that if the right property hits the market, you act on it quickly without losing the property to another buyer.
A common question both seasoned buyers and first-time homebuyers have is, “What sort of documentation and other things will a lender need from me so that I can get this loan?” For this reason, we have included a comprehensive list of common items a lender will need to see for loan approval. Depending on your profession, a lender could request additional information such as projected sales, correspondence with your employer, or other career-specific information. Whatever the case, your lender will be able to guide you in the right direction.
– W-2 Forms
– Pay stubs for each person signing on the loan
– Credit card accounts and withstanding balances
– A history of bank statements; typically 2-4 consecutive months
– Loan information for running debts; student loans, car payments, etc.
– Copies of personal tax forms for the last 2-3 years
– Addresses of where you’ve lived for the last five to seven years
– Copy of most recent retirement statements / 401(k)
– Proof of assets, including brokerage accounts and/or stocks bonds held elsewhere
– Proof of additional income; this includes pensions and child support
CONTACT US TODAY!