BLOG 2012 - READY, WILLING, AND ABLE

RealtorTraceyW

BLOG 2012

Ready, Willing, and, Able

You may be ready and willing to buy a home, but the real question is, “are you able?”. Meeting with a Lender will help you find the answer. Here are three things Lenders want to know before they give you a prequalification letter.

Do you have a job?

What is your credit score?

Who do you owe?

Employment Verification

Employment Verification is a critical component in the lending process. Lenders need proof of employment. Typically lenders are looking to see if you have at least two years of stable employment. There are some exceptions, such as, job transfers.

Credit Check

Your Credit Report tells Lenders about your credit history. They want to know how many creditors you have. Lenders want to know if you pay your bills on time. Your credit score is a good indicator of this.

Debt to Income Ratio

Lenders want to know if you are living within your means. Your credit report will also help them to determine your Debt to Income Ratio (DTI). This is a comparison of your income and debts. If you exceed the percentage of debts vs. income that is acceptable to the Lender your loan could be denied.

Free Credit Report

Want to get a head start now. You can get a free copy of your Credit Report online @ www.freecreditreport.com or www.annualcreditreport.com. Report mistakes promptly. It could take week or months for corrections to take effect.

Meeting with a Lender

Meeting with a Lender is the best way to find out if you are able to purchase a home. Having a prequalification letter shows Sellers that you are serious when you schedule a showing of their home. Once you find a home you like, you can feel confident to make an offer.

Are you ready and willing to buy a home?

Do you need help finding a Lender with great rates and good customer service?

I am here to help. Get Results! Call Now! Or make an appointment in the Appointment Center on my website

www.RealtorTraceyW.com.