There are a lot of important steps that are not to be forgotten when purchasing a home. Here is a step-by-step guide on how to obtain a preapproval.
1. Decide you are ready to purchase a home
2. Before you go out and start searching for your dream home – research lenders. Pick a loan officer who is going to work for you and with you every step of the way.
3. They will then take some information or have you fill out an application to determine your purchasing power. This is how much you can spend based on factors such as debt to income and credit.
4. This will help you stay in your budget when you and your realtor head out to look at properties and will avoid any disappointment of falling in love with a house that is outside of your means.
5. Once you find your dream home, your realtor will send over a signed contract, and you loan officer will get the loan process started!
Preapprovals help you know how much you can spend and help avoid any disappointment if you were to fall in love with a house outside of your means. It also helps start the loan process with your preferred lender and establish communication and a relationship to help move you through the loan process quickly and efficiently. Getting a preapproval is a must – reach out to FirstTrust Home Loans today, to discuss getting your preapproval started!
FirstTrust Home Loans, Inc. is an Equal Housing Lender, NMLS# 75271. This is not a commitment to lend or extend credit. Restrictions may apply. Information and/or data is subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states.