Mortgage Loans

When financing your home it is very important to not make any large purchases, it could make a difference between getting approved or not. Lenders want to see that home buyers are not over spending. It is also equally as important not to open up credit cards or other types of loans, even if it is interest free. When lenders calculate your debt to income ratio any monthly payments you owe will go in your debt column and be deducted from your income to establish what mortgage payment you can "afford". 

The first step in shopping for a home is to call a lender and get a pre-qualification letter. Having that letter in hand when you find your dream home will increase your chances of having your offer accepted (in most cases an offer will not be considered without a pre-qualification letter).

A pre-qualification is different than a pre-approval.  Pre-qualification is the lenders opinion that you will be approved. They will ask basic income and debt questions and run your credit report and issue a pre-qualification based on the information you provide.  Once your offer is accepted you typically have 7-10 days to make a loan application with your lender. Once the lender receives your complete loan application they will have the full picture and determine whether or not they can give you a pre- approval.

Call Lisa (540) 322-7377 to get connected with top lenders in the Fredericksburg, Spotsylvania, and Stafford area. 

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