Before heading out to look at homes to purchase, you will want to go through the prequalification process in Westlake Village, CA. Doing this will give you the knowledge you need to start looking confidently. You will know how much you are comfortable spending so that you can shop in a suitable price range, and being prequalified can give you an advantage over other buyers. Here are four tips to get you started.
Lender
Contact a mortgage lender, and fill out an application. You will be asked for identifying information, such as your birth date and social security number, as well as work and financial details.
Paperwork
The lender will check your credit score, and with the information you provided, you will have a general idea about how much you can comfortably spend. You will eventually need to supply tax forms, paychecks, and other financial statements. The loan officer will contact your employer to verify your employment. It is not a problem if you are self-employed. You will just need to provide the appropriate tax forms.
Debt
How much debt you have will be a factor. Types of loans that you will want to disclose are auto, credit card, and student loans. The mortgage company will not loan you more money than you can repay, and your current debt, income, and assets will help them determine a loan range.
Down Payment
You will need a certain amount of cash available. It can be in a savings account, stocks, or the money could be a gift from a relative. For more information on the prequalification process in Westlake Village, CA, contact at
