Looking for a mortgage! It might sound counterintuitive at first, but it actually makes sense. You don’t want to get your heart set on your dream home, and then find out you can’t afford it. Unfortunately, in practice, many buyers seem to be too quick to launch the Redfin or Zillow app on their smartphone instead of heeding such advice. To avoid the dream home heartbreak, we recommend that you…
Your very first step on your homebuying journey should be getting pre-qualified. This is a simple conversation with your lender where you share some basic information such as income, how much money you have available for a down payment and review your credit. This gives both you and your lender a good idea of what type of mortgage you may qualify for, how much money you might need to close, and what terms might be offered to you.
If there are no red flags during your pre-qualification call, your next step will be getting pre-approved. At this stage, your lender will make sure income and asset documentation is fully reviewed and your credit report is vetted. During this stage, issues related to how your income may be structured, where your down payment funds are coming from, and how your credit score impacts your loan terms will be determined by your lender. Once all potential issues are addressed, your lender will issue a letter of pre-approval.
Getting pre-approved is a key step in the homebuying process. It not only strengthens your offer, it also helps you identify any potential issues before you start your home search, and sets your budget right from the start!
If you work with Apex for your home loan, you have the opportunity to get Apex Approved*! Apex Approved is the highest level of mortgage readiness. It means that most of the processing and underwriting work for your loan is completed upfront, except for an appraisal (if applicable) and the title commitment, which will be ordered once you have a ratified contract. This puts you in a position to close on your home in as little as 15 days after receiving your purchase contract, making your offer incredibly attractive to sellers.
Start House Hunting
Now that you’re pre-approved, the fun part starts! Open that Zillow app on your phone and set your filters within your newly determined budget and get to house hunting. and the approval process is over. You’ve earned it, it feels so nice to accomplish getting pre-qualified and pre-approved. You can start looking at homes that Apex pre-approved you for.
While it’s easy to start your homebuying journey on Zillow, your first step should be looking at your financing options. Your mortgage may be your biggest investment. Work with a trusted professional to make sure you’re set up for success. Click the link below to connect with a local, experienced, independent lender before you connect with a real estate agent.
*Apex Approved is not available for all loan programs.