House hunting is exciting, but before you start contacting a realtor, it's important to make sure you get qualified first. The first step in this process is the pre-qualification. This includes contacting World Class Mortgage and allowing us to pull your credit. We'll also ask you questions about your finances and employment history.
Your loan officer will then request some documentation from you if they believe you're a good candidate for a home loan. This documentation will then be verified to provide you with a Qualified Approval Letter.
A qualified approval is one that has been verified by your loan officer. Once items such as income, assets, and employment information have been verified, your loan officer will be able to provide you with a Qualified Approval Letter to print out and hand over to your Real Estate Agent. This letter will list the amount you are approved to borrow.
It's essential to go through this approval process before touring homes. You'll need to know how much you can afford so your Realtor can help you stay within your budget. It's also important to find out initially if there are any problems that may arise which could affect your ability to get approved for the loan.
Find out which documents you'll need to provide your loan officer for a quick approval process.
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