Over communicate when getting pre-approved for a Minnesota home pre-approval
When you are communicating with a mortgage broker it’s important that you communicate your unique situation.
This includes housing, moving timeline, credit, financial, savings and others involved. You won’t see a person over communicate they always under communicate.
As a home buyer ask why does it matter or does it matter when you have questions. I see a lot of prospects get hung up for months and quit communicating for over a month or feel stuck because they have mental blocks and don’t believe they are one of the lucky ones to qualify. Often it takes persistence and follow up.
Lending is still pretty cheap and easy in today’s world and you may either be credit score driven or down payment driven. For many buyers 3.5% down may take time to save up, so you’ll want to focus on that even if your credit score is above a 600 credit score.
Communicate with the mortgage professional how this down payment will show in your bank statements. Where the down payment came from, if it’s a gift, and how long its been in your bank account.
As far as your credit score people still don’t know that I’ve seen people get VA loans below a 500 credit score, 580 score for USDA and FHA loans are very possible. You need to communicate Collections as it matters for USDA, but it’s 100%.
When you lose a job or a spouse gets a job communicate that also, any pay raises, and additional child support. If you work over time or have stock, investment or rental income. Maybe you rent out a room, a garage, sometimes Airbnb for extra income. All of these things help you get approved for more. If you are open to loving in many cities, if you need a 2 or 4 bedroom.
If you are fine with a condo or townhome vs. a house that can increase your chance if being -pre-approved. Communicate throughout the week and be ready with paperwork and things will move much faster.
You are doing this to get a beautiful home, so the more organized you are the faster you will get a pre-approval and be out looking at houses.
Most people like to do everything online, but some like to meet in person first and have busy hours so make sure to communicate that of that’s how you feel.