 Getting Started  Shop For A Loan  Know The Numbers  Get Pre- Approved  Applications & Processing  Funding |
When beginning the home buying process the first step is pre-qualifying for a loan. When pre-qualifying you are receiving a non-binding opinion regarding how much mortgage you can afford. By seeking pre-qualification, you’ll come away with an estimated monthly payment and a price range to shop based on the loan size.
There are many options available to you when seeking a home loan. If you would like to learn more or would like assistance in pre-qualifying using one of our preferred lenders, contact us today!
The MrClarksville.com Team specializes in VA home loans and military relocation in the Clarksville/Fort Campbell area.
Start A Green File
A Green File should contain all of your important financial documents. Regardless of the loan type, lenders will need information about you. Make copies of financial statements; bank accounts, investments, credit cards, auto loans, recent pay stubs and two years’ tax returns.
Check Your Credit Rating
Credit scores range between 400 and 800. 620 + is considered "good". 680 + is considered "premium" and may possibly help get you a lower interest rate.
Below you will find the contact information for the 3 major credit reporting agencies to help you determine your credit rating. Ask your lender how to improve your credit score if you need to. Going forward, treat your credit like gold.
| Equifax | http://www.equifax.com | (800) 685-1111 |
| Experian | http://www.experian.com | (800) 392-1122 |
| Trans Union | http://www.transunion.com | (800) 888-4213 |
Savings & Debt
If you are buying real estate, try to accumulate funds towards your down payment, closing costs (appraisal, miscellaneous fees, escrow, title insurance, etc.) and expenses such as inspections. Furthermore, try to pay down existing revolving and high interest rate debt like credit cards.
Toe The Line
Now is not a good time to change careers, move your money around, or buy big ticket items. Lenders like stability. So if you are considering any major changes, it pays to meet with a lender and ask them how to proceed before you make any changes! If you are tempted to buy a big ticket item, consider the following:
| A $500 a month debt payment (like a credit card or auto loan) could lower the amount of home you can afford by about $83,000! * |
* Based on a 30 year mortgage at 6% interest.
Office - (931) 245-8800 124 Dunbar Cave Rd. Suite A Clarksville,TN 37043 KY License # - 71379 - TN License # - 00317881 