When starting to look for a new home, the most important first step is to obtain a pre-approval from a Lender. They will check your credit score, your credit history, your past two years of tax returns, and verify your employment income.
The higher your credit score, the lower your downpayment and monthly payments. If your credit score is below 640 or 660 you may have higher fees to obtain your mortgage or will need a higher downpayment. You can improve your chances by pulling your credit report and ensuring you are not being unfairly penalized for old, paid or settled debts.
Also STOP applying for new credit of any sort, and don't charge anything large during the purchase process!
Contact your bank, credit union or private lender such as Broadview Mortgage Corp, and check their fees for obtaining your loan, also ask what amount you'll need for closing costs, and what points you maybe paying to obtain your mortgage.
Once you have your pre-approval you can start looking for a new home, when you find your new home, your pre-approval will need to be submitted with your offer to purchase. It is better to be prepared ahead and be armed with the knowledge of what you will need which will make your new home search much more exciting!
Jane Loveday
Licence # 01439083
Pacific Sothebys International Realty
619-519-1615 Cell
http://janeloveday.com/
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