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How would I go about qualifying for a home?

How would I go about qualifying for a home?  What would be the steps to take to see if I qualify
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October 21 2010 - Orlando
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Answers (6)

1) Get a referral for a lender or mortgage broker from a friend, relative, co-worker or real estate broker.
2) Provide the following information: gross monthly income and total monthly payments.
3) Get your "ratios".  You or your lender can add all your debts together and compare that number to your income to arrive at the total debt-to-income ratio.  Your percentage should be under 36 for the best interest rate.
4) Give your lender authorization to pull your credit report.  A score of 680 or better is considered "A+" or excellent.
5) Have the lender prepare a letter of pre-qualification for you.
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November 08 2010
Talk to your loan offer about your income and other debts you have. Also be prepared to talk about your credit and score if you know this. The loan officer will want to know what assets you have as well. Check with a couple different lenders to keep checks and balances in place.
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November 05 2010
[Deleted for self promotion]
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November 01 2010
Once you have discussed your qualifications with a prospective lender, find out what the variable closing costs are going to be. Ask what the bank charges, how much the appraisal is going to be, what the PAR (lowest rate you qualify for based on credit score, income, etc. without paying any points, etc.) interest rate is.

It makes sense to talk to the bank you deal with as well as other banks who specialize in mortgages as the bank or credit union you currently deal with may or may not have experienced LO's or a mortgage department. A bank will generally have lower upfront/closing costs than a broker or correspondent lender, but some times that is not the case.

Once you are comfortable with a loan officer (LO) and his bank, double-check the BBB and if all is well move forward and request a pre-APPROVAL letter. Be sure you are comfortable with the amount and terms of your prospective loan.

Then find a competent Buyer's Agent and become a homeowner! Good luck to you!!
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October 21 2010
Jason is 100% correct, you will want a pre-approval, not just a pre-qualification.

There are 2 ways to go about taking your next step.

Option 1:  Find a real estate agent you are comfortable with and works in the area you are most interested in. Ask about current business and experience in the area you are considering. Don't just ask how long they have been in the business, ask how recently they closed their last transaction!!! 
Once you find your agent, ask for recommendations on a lender that they have worked with recently and who closes their transactions.


Option 2: Find a lender you normally do business with, where you bank is a good start... then ask for recommendations on the agent.


I recommend different lenders for different things, but I usually suggest credit unions as a good place to start, simply because I like keeping the money local. There is nothing wrong with mortgage brokers if your agent has a good relationship with them and they have closed deals recently. Or you can choose a regional bank if that is the route you want to go. See where the numbers fall, and show the numbers to your agent and get their feedback.

The only other suggestion I have to give is, when you are selecting an agent, be sure it is a full time agent.  Good luck on your search!
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October 21 2010
Reaching out to a lender and getting a FREE Pre-Approval rather then a pre qualification.
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October 21 2010
 
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