 The First Step...Thursday, September 29, 2011 - Article by: Jason Stoeser -
You have now decided to buy a house, so what is the first step? Many clients believe that they should contact a real estate agent and look at homes first. As they are looking at homes with their real estate agent, the burning question now enters the client's mind, "What is the mortgage payment?". Contrary to popular belief, the client should visit a loan officer first. The loan officer will pull credit, calculate income, generate a Good Faith Estimate and discuss options with the client. Good loan officers will also ask for income and asset documentation to confirm the information entered on the mortgage loan application. But, this is only the beginning. The loan officer will then write a pre-approval letter for you and your realtor. The pre-approval letter is equivalent to a credit letter or Letter of Intent. The first step is always to secure the financing. Happy house hunting! |
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