How can I be more prepared for the Minnesota Houses for Sale loan process?
When I hear of those applying for a Minnesota home, so they can get pre-approved and quickly start looking at Minnesota houses for sale online I look at what could help others be more prepared.
The answer is really for people to be organized and have easy access to a lot of their financial paperwork. This includes bank statements, 2 years of recent taxes, w2’s, pay stubs, other bills that you pay, proof of rent paid on time.
A loan person has to prepare your package of documents for an underwriter and the more complete the better. If you have disability, child support income or any other extra side income.
The lender wants the full picture of your financial situation from monthly bills to income to calculate your debt-to-income ratio. Award letters for VA loans helps also.
The lender likes to see spouses or any other additional people applying on the loan with you. Sometimes this is needed to show extra income to be able to afford a more expensive house.
Be able to login online to accounts when needed, have account #s handy, and be able to print and fax documents when possible.
A lot can be done through messenger and email and when you are ready to discuss by text or phone than you can.
Don’t feel like you need to have all of the info upfront just start the conversation and get to know what is needed to understand the full loan process.
Most of this preparation is important paperwork and before the pre-approval.
The pre-approval amount is needed to know how much of a home that you can afford, so that you know what to search for on pricing as well as needing that form when you make your offers for homes you see that you decide to buy.
After your offer gets accepted remember that the lender has a lot of your information already so you should be more prepared and the process should go smoother.
I look forward to hearing from you soon