The real estate market in Orange County, CA is hotter than its been in years making mortgage PreApproval more important than ever. There are more people looking to purchase a home, and all price ranges, than at any time since before 2008. This has lead to competition for the limited supply of homes on the market. So who is getting their offer accepted?
Mortgage PreApproval is more important than ever!
The more prepared a potential homebuyer is the better chance they have of getting an offer accepted. What does it take to be prepared for a home purchase in Orange County, which is such a competitive market? The first and most important step is to get PreApproved. Homebuyers need to know BEFORE they start searching for a home what they can actually afford. They should have a budget in place and have a good idea of how much total mortgage payment they can afford.
The mortgage payment is made up of more than just the principal and interest. Buying a home also means paying property taxes and home owners insurance. And if the property is in a Planned Unit Development or is a condo, then Home Owners Association dues also need to be factored in. The best way to know these numbers is to consult with a local Orange County mortgage lender.
What your Orange County, CA VA Specialist Loan Officer Can Do for You
A good Orange County loan officer who specializes in VA financing will be able to not only answer questions regarding the loan and home buying process, but also prepare custom loan scenarios that will have the full details of a real estate transaction. The loan scenarios should show the purchase price, loan amount, required down payment, closing costs, and prepaid expenses. The scenarios should also show the full payment breakdown.
The VA specialist loan officer should also be able to show the home buyer scenarios that the buyer actually qualifies for, at least based on the initial verbal consultation. To get PreApproved the lender will need the borrowers income and asset documentation. Items such as recent paystubs, two years W2’s and tax returns, and bank statements. The lender will need a completed loan application and will also run credit.
Not all home buyers are financially ready to buy. But the PreApproval process will give them the road map to getting prepared. Whether they need to work on their credit, save more money for down payment, or adjust to the type of home they are shopping for (or neighborhood), just knowing for they can buy is very important.Google+