If you’ve never purchased a home or if you’ve never walked through the mortgage process, here’s what you should know:
1. If you’re planning to purchase a home in Nashville in the next 3 months, you should go ahead and get pre-approved for a mortgage. That should give you time to work through any items that may prevent you from being approved for your desired amount. Plus, many of today’s sellers require agents to provide a pre-approval letter before showing properties and presenting offers.
2. The mortgage pre-approval process takes about 15 minutes over the phone, and you’ll get the results in 24 – 48 hours.
3. You’re allowed 3 mortgage quotes before you’ve significantly affected your credit.
4. Income and debts are part of your mortgage application.
5. If you’re a first time homebuyer, there are mortgage loans that could allow you to purchase a home without a downpayment.
6. If you’re buying a home, you don’t pay me, your REALTOR, anything out of your own pocket. The seller pays commissions to both sides of the transaction.
8. Finding a great, local mortgage loan officer is essential. He or she can be the difference between an outstanding and unpleasant experience. Ask for a referral from someone you trust.
If you’re ready to start the pre-approval process, or if you need answers to your questions, please call me. I want to help you!
Questions? Call me @ (615) 977-8444