Knowing how much you can afford to spend on your new house is key to
making sure that you get the home that is right for you. Talking
with a lender is truly the first step in conducting a successful and
stress-free search for your next home. Doing so ensures that you are
shopping for a house that matches up with your comfort level, and
more importantly allows you to submit your pre-approval letter to
the seller with your offer which makes it far more likely that it
will be accepted. Homes that are in the best condition with the best
prices often get multiple offers. When the offer amounts and the
terms of a deal are equal, the pre-approval letter can be the
determining factor on whether you get your dream home or not.
Most lenders can do a pre-qualification over the phone to give you a
rough estimate of your purchasing power. The information they
require are the details of your income and your debts. They
calculate your income to debt ratio and advise you accordingly.
Pre-qualification is good enough if you are in the early stages of
shopping for a home by looking at listings on-line.
To get pre-approved, you actually have to meet with your lender and
supply documentation to verify your income and debts. They also will
ask for your Social Security Number so they can pull your credit
report. Based on this data, they can tell you exactly how much they
are willing to lend you. Armed with this information you are fully
prepared to find and get the house you want.
Preferred Lenders
Local lenders with
established relationships with area realtors and appraisers will be
one of your best allies in making sure that you have a good
experience during the home buying process. Theres nothing better
than being able to reach them on the phone or in their office when
you have a question or it is getting down to the nth hour before
closing. Because they also work on referral and are invested in the
local community, you can bet that they will be very responsive to
your needs and will do everything within their power to close on
time. This is not true of most out of state lenders.
Do yourself a favor and give one of these fine lenders a call.
Amongst this group I know you will find someone that fits your
personality and can handle all of your needs. They are all great at
what they do!
Stephanie Scott
Metro Capital Mortgage
1065 S. Allante Place
Boise, ID 83709
208-287-3999
Jacob Nordby
Northcity Mortgage
5201 Overland Rd
Boise, ID 83705
208-287-8683
