If within your resolutions for this year is the purchase of your home, the first step you must give is to hold an initial interview with a representative of your mortgage, to guide you about the details of the process and the different financing alternatives that They fit your needs.
Mortgage loans are subject to qualification, a satisfactory appraisal, income verification, and information on the assets and debts of the applicant.
It is the responsibility of the mortgage banker to advise effectively and, if prepared in advance, to apply for the mortgage will be easier, says Wilma Soto, assistant vice president and manager of First Mortgage’s Metro Region. There are two mortgage services that will simplify the consumer buying process:203K inspection Tampa
Prequalification is a document in which the client requests that he be qualified for a particular loan. It is a very important resource, which provides preliminary information to the client about their possibilities to qualify for a loan under the parameters of credit and income used by the bank or the amount of loan you are interested in obtaining.
During the prequalification process, your mortgage representative will give you information about the amount of the mortgage loan for which you are eligible, which will help you focus and identify the properties that are within your purchasing power and can lighten the process Closing date, once your offer is accepted. This type of request does not include information on the property, said Soto. "This commitment will be conditional upon completing the file with the information or documents that are traditionally required to complete the loan process.
The pre-approval mortgage service is the process by which the client submits a credit application before choosing a property to buy.
"Getting a pre-approval has two main objectives that will save time invested in finding the right property and can lighten the closing process," said Soto.
Among other benefits, it allows identifying the amount of mortgage loan for which it is eligible and helps to focus and identify the properties that are within the purchasing power. First Mortgage grants this pre-approval in a period of no more than 72 hours and guarantees the interest requested up to 30 days from the date of pre-approval.
Fulfil and deliver all documents required by the issuing of a letter of pre-approval "does not constitute a guarantee, but is an indicator that the bank can and is willing to grant a mortgage to an applicant according to their financial situation, As soon as he has found a suitable property and is endorsed by a real estate survey, "he said.
It is important to mention that the pre-approval service is designed only for customers who do not yet have an identified or opted property. "If you have an identified property, you must go through the origination process and receive all the disclosures," said the executive. It only applies to trading transactions and typically has an effectiveness of 60 to 90 days, after which the credit report will be updated.
The documents required during the pre-approval are:
Proof of income, such as last month's income stubs; W-2 for the past two years and bank statements for the last two months.
Certification of employment.
If you are a pensioner, Certification of Pension and Form 1099.
Statement of Investments, if any.
Evidence that you have the funds for the deposit on the property. for more information visit http://radiantinspect.com/

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