During a recent Facebook Live interview, I had the privilege of speaking with home loan expert Alejandro Juarez about some important questions on the topic of real estate financing. Now, I’d like to share the highlights of this discussion with all of you.
How does the mortgage process start?
Opening and starting an application is the first and most important step of the financing process. Much like going to the doctor, people tend to be afraid of sharing sensitive information. However, discussing crucial, personal details with a lender is essential. Your agent will be able to recommend a great, quality professional in your area.
What documentation is required to apply for a mortgage?
This will vary by person, but most loan applicants will need two years’ worth of tax returns, two years’ worth of W2s, two months’ worth of bank statements, a month’s worth of pay stubs, and some form of identification. All of these will allow your mortgage professional to discern what you can qualify for.
What’s the difference between a pre-qualification and a pre-approval?
Truthfully, pre-qualifications don’t mean a thing. A pre-qualification isn’t nearly as thorough as a pre-approval, and therefore, it won’t go very far in helping you secure a loan. In this hot Austin market, you will need a pre-approval in order to compete.
How can a buyer identify the best mortgage option for them?
To find out what loan will best suit your needs, you need to connect with a qualified mortgage professional who can lay out and explain your options.
If you’d like to speak with Alejandro about your own financing needs, please give him a call at (512) 710-9468.
And, as always, if you have any other questions or would like more information from me, feel free to reach out. I look forward to hearing from you soon.