Pre approval Time!!
/Time to get Pre Approved! What does that even mean??
Most people recognize Conventional, FHA and VA, but how about loans that have down payments assistance? IFA? USDA? ARMs? All in One? Home Renovation? Halal Financing?
Your loan officer is guiding you through a very significant purchase. Again, just like the process you just completed in finding a Realtor, the same applies to your loan officer. Get a referral, do your research and actually speak with them.
A mortgage loan officer can’t or dare I say SHOULDN’T be giving you a pre approval with out looking at your income (W2s or 1099s) 2 years of your tax returns, and your credit report. Then a thorough lender will have a lengthy discussion with you about the type of financing you not only QUALIFY for, but fits your long term goals.
At the end of this conversation you should know the loan program, how much you are approved for, how much you are comfortable paying (based on payment), ballpark of your interest rate (these change daily). You should also know your credit score and if it can be improved. The higher the better! If it can be improved, what do you need to do —- and a game plan!
Need a referral? Deric has 25 years experience. (Don’t get him talking about soccer or football or you will never get off the phone)
Mobile: (515) 979-9564
Email: dkidd@cmgfi.com
CMG Financial Loan Officer/Branch Manager