Buying? What To Know About The Mortgage Process

If you are buying Tahoe Keys Real Estate, knowing the mortgage process is incredibly important. It helps you know what to expect and what you need to be ready. So if you have plans to buy real estate in Tahoe Keys within the next year, read on! 

Step #1

Find out what your credit is. If you think you have to have perfect credit to buy real estate in Tahoe Keys, think again. While a higher score gets you a better rate, you can still qualify with scores around 600 with the variety of loans and programs available. Finding out your score and your history allows you to clean up any errors on your report or pay off any debts you may owe to creditors. This puts you in better standing when it comes time to buy a home for sale in Tahoe Keys. 

Step #2

Gather up all the necessary paperwork that a lender will need. Get your income verification together, tax returns, bank statements, proof of employment and your current assets. Also get letters from creditors stating that a debt has been paid off. Sometimes it can take a while for a paid debt to reflect on your report. If time is of the essence, make sure you have something in writing so you don’t get put on pause waiting for everything to show up. 

Step #3

Shop around for a lender. Just like you would shop around for a Tahoe Keys realtor or a home for sale in Tahoe Keys, you should do the same with your loan. A professional can review your documents, help you through the application process and determine what loan you qualify for so you know how much you can actually spend on Tahoe Keys real estate. 

Step #4

Apply for a loan and get the pre-approval letter. This letter is great for making offers on a home for sale in Tahoe Keys as it puts you in the “serious buyer” category by sellers. 

Step# 5

While the previous steps seem pretty simple, don’t forget about the down payment. The general rule of thumb is 20%, however there are certain loans that will allow you to put down less on real estate in Tahoe Keys. There are some buyers that are putting down between 3%-10%.

When it comes to buying real estate in Tahoe Keys, it really is crucial to do your research ahead of time. You want to be able to prepare by saving for a down payment and cleaning up any financial mishaps before you apply for a loan. For more information the mortgage process for buying Tahoe Keys real estate, give me a call. I would be happy to assist! 

 

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