First Step in Getting Pre Approved for a Home Loan

Hello everybody It’s Keith Collins, Keith Collins Team

I want to talk to you a little but about the preapproval process For us, we like to do preapproval Some lenders do prequals, and it’s kind of a lazy way to let someone know that they might be able to get a home We do a full preapproval and in a preapproval we’re going to verify income, we’re going to verify assets, we’re going to look at taxes, W2s and paycheck stubs We’re going to pull credit

There’s no cost associated with an application and there shouldn’t be You should not be charged for credit, you should not be charged for an application or a preapproval This process usually takes about 24 to 48 hours and starts with a brief conversation We’re going to want to talk to you about kind of your goals and objectives, right? Begin with the end in mind Is there a targeted purchase price you’re looking for in a certain area? Is there a mortgage payment that you’re comfortable with? What’s your rent and what are you comfortable paying on a monthly basis on a mortgage? What do you have for a down payment for the initial investment? If you don’t have any money available for the down payment, that’s ok

We’ve got lots of down payment assistance programs, but it’s definitely something we want to identify up front Once we have that conversation and gather all your stuff, we need about 24 to 48 hours to go through everything We run a full blown preapproval We’ll circle up with you and let you know what you qualify for, what some options are Then we’ll set up a time for you to come in, sit down and have a meeting or do some sort of a conference call, maybe a video conference to go over all the numbers, just so you understand everything that you’re doing

It’s my job to give you all the information you need associated with this purchase so that you’re comfortable with the decision you’re making So, no question is a silly question and you’re never going to bug us That’s just the first step If you have any questions, just give me a call, we’d love to help