Home Buying Tips – What To Know About Getting Pre-Qualified For A Mortgage Loan

Planning on buying a home soon? You’re making a smart choice because, although Mortgage Interest Rates have gone up a little recently, they are still historically low and we still could continue to enjoy low Mortgage Interest Rates for up to another year.

In the second part, of our three part series, we will cover important tips on the process of finding a mortgage loan that first time and experienced home buyers need to know when they are in the process of searching for a home in Orange County or anywhere else in the United States.

Mortgage Loan Pre-Approval 

Getting pre-approved for a mortgage in Orange County is an important step because, it will enable you to know how much money you can borrow and what your monthly mortgage payment will be.

Don’t Be Afraid To Shop Around

The key to success with finding the right mortgage loan is to shop around and not take the first mortgage loan that you are pre-approved for. You should look for mortgage loans with local credit unions, banks and also look for deals on the internet or with lenders in your local area.

Shopping around for the right mortgage loan can be a painful process for some people, if they are not prepared. Before you start this process, make sure that you have the following documents available:

• Two years worth of income tax returns
• Recent paycheck stubs
• W2’s
• Bank statements
• Proof of income from your job and other sources

Be Ready To Meet With A Mortgage Broker

The more prepared you are for meeting with a mortgage broker, the better; once you are pre-approved and decide on the right mortgage for you, you’re going to need a document called a commitment letter, this important document will enable you to provide proof or details of the mortgage loan that you’ve been approved for and ultimately make you a more “attractive” buyer to sellers and realtors.

To learn more tips that you need to know for buying a home in Orange County or anywhere else in the United States, or to view Orange County homes for sale, contact Fred Sed & Associates today by calling (949) 272-0125.