Find recommendations for 1-3 lenders that you can interview to see if they will be a good fit for you. Know the difference between working with a large bank, a credit union or a private lending company. We always recommend working with a lender that’s local to where you are buying your home. The main reason is that when you are submitting your offer on the home, having a reputable lender that the listing agent knows will be able to close on time can be a key factor in getting your offer accepted.
STEP #1: DO YOUR RESEARCH
STEP #2: GATHER YOUR FINANCIAL DOCUMENTS
Each lender may require a slightly different set of documents to complete the pre-approval process. Most commonly, you will need your most recent paystubs, last year’s tax return, and W-2’s for the last 2 years. To get a complete list of documentation commonly needed click here to email us and we will send it over to you.
STEP #3: APPLY FOR PRE-APPROVAL
Once you decide you are ready to move forward, you should submit your pre-approval application with your desired lender. This will almost always generate a credit pull, so don’t do this step until you are ready to start looking at homes to buy. Keep in mind, most Realtors will require a pre-approval letter before showing potential buyers’ property. You can get pre-approved with Lynette Hjerpe of Stanford Loans by following the link below.
STEP #4: COMPLETE LENDER PROCESS
Now that you have applied with a lender, gather everything they request from you and turn it in as quickly as possible. A great lender should be able to complete the pre-approval process for you in 1 to 2 days, BUT without the proper paperwork from you, they cannot complete the process.
STEP FIVE: GO SHOPPING
Congratulations, you are ready to find your next home! Click here to start searching or call us at 530.400.1419.