One of the most important steps in buying a home is to get approved for the purchase. What type of loan products will you use, how much can you afford, or, in most cases, what are you comfortable in paying each month?
Getting approval is very simple. You can either set up an appointment, apply online, or call me and I can do the pre-approval over the phone. The approval process will only take 10 minutes, and you will know what options are available for you.
What’s important during the approval process?
- Credit Scores
- Debt-To-Income Ratios (What you owe compared to what you earn monthly)
- Credit inquiries from other Banks/Mortgage Companies. It’s OK to shop, but be sure you only use 2-3 companies to shop around. Credit Inquiries can drop your credit scores.
Most real estate companies will require an approval letter before they are able to write a contract on a specific home. I can provide the approval letter and fees worksheet to the real estate agents so they can work to find you the perfect home.
When you are shopping for a home it’s always better to have an approval letter in hand to show both real estate agent and seller you are approved and ready to purchase the home. The approval is good for 120 days. A real estate purchase transaction takes an estimated 3 weeks from application to closing date.
NobleBank & Trust offers Conventional, FHA, VA and USDA purchase transactions. Let me help you with your first and next home buying process.
Scott Nelson, NMLS# 203863
Vice President & Mortgage Loan Officer