The first step to owning your own home or purchasing another one is getting what is called a "pre-approval letter". The reason for this is because it is important to know what your actual purchasing power is, even if you don't plan on borrowing to your maximum. Lots of things can affect your ability to borrow money, such as your credit score, years on the job, other credit accounts, etc., and working with a qualified and licensed mortgage lender will allow you to make an offer on a home once you have a pre-approval letter.
When getting ready for a loan pre-approval, you should begin collecting the following information:
1. Last 2 years of Tax Returns & W2s (all parties) 2. Addresses of employers 3. Landlord address 4. Credit accounts numbers and addresses 5. Last 2 months of paycheck stubs and bank statements
It is certainly okay to contact the lender even if you don't have all the above information handy but you will need it when you sit down with your loan officer so he or she can give you the most accurate and reliable information about your individual situation.
I have worked with the following loan officers for many years. Each are experts in their field and provide excellent customer service and full disclosure of exactly what you are signing. Most importantly, they know how to get the job done and all are dedicated to protecting their clients from getting into a loan that they would later regret. Please feel free to contact one or all of them for any questions you may have about mortgage loans.
Michelle Thomasser, California Mortgage Associates -- cell: 209-914-6166 or email:
