Saturday, June 23, 2012

Three tips for pre-qualification process

In our last post we introduced the pre-qualification process, which is a first (no strings attached) step in the homebuying process. Check out our website for more homebuying information, or to check out the latest mortgage rates in Los Angeles.
Here are some tips on how to use pre-qualification to your advantage.
1. Be honest. You do yourself no favors by getting into a loan you are not financially prepared to take on, so be forthright about your credit, income and other circumstances.
2. Find the right lender. Even though the pre-qualification process is noncommittal, you'll still want to know you are with someone who is experienced and credible. The lender who takes you through this process will be responsible for explaining the homebuying process to you, so choose someone who is a good communicator.
3. Be prepared. Even though you are not getting a loan right now,  have all your documents ready so that you can get the most accurate information. You may not be required to provide complete documents for everything, but you do well to get a precise estimate from the beginning, so your homebuying process starts out right.

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