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Exciting and daunting at the same time, this experience can be very stressful. To reduce the amount of stress involved in purchasing your home the first thing you need to do, before you even peruse the Internet, is get pre-qualified.
Finding a Mortgage Broker is not difficult. Ask for referrals, talk to your friends, neighbors, or your Real Estate Agent. Get a few recommendations, talk over the phone to narrow down the choices. Choose someone who has experience and offers a range of products from which to choose.
Meet your new broker with the following information:
- Two years W2’s
- Three months current bank statements including investment accounts
- List of all your monthly expenses
- Know how much money you have for your down payment
Be ready to give permission to your Broker to run your credit. Your credit score will determine your rate of interest. The best rates are available to people with a credit score of 740 and above. Your Mortgage Broker will further assist you in understanding how much you can afford to pay per month. He or she will also be able to advise you on the most expedient actions you can take to best optimize obtaining a mortgage. Should your credit score not be optimal, your Mortgage Broker will also be able to suggest ways to strengthen your numbers.
With a Mortgage Broker in place, you’ll have taken your first step towards becoming a homeowner. Having your pre-qualification gives you the knowledge you need to be an educated and confident buyer.
When you know what you can afford, get on that computer and start looking!
