Are you 18 years old and looking to purchase your first home? It can feel intimidating, but getting a mortgage pre-approval is the first step to making your dream a reality. With a pre-approval in hand, you can start looking for homes you can afford and start negotiations with confidence. This guide will help you navigate the process of getting a mortgage pre-approval.
Research lenders/mortgage brokers
Researching lenders and mortgage brokers for a pre-approval can seem intimidating, but it’s really not that bad. It’s important to compare different lenders and brokers to find the best rate and terms for you. It helps to look at reviews and ask friends and family who have used a lender or broker. Make sure you get all the information you need before making a decision.
Gather financial documents
Gathering financial documents can be daunting for a first-time homebuyer. To get a mortgage pre-approval, you’ll need to provide last two years’ tax returns, recent pay stubs, bank statements, and investment account statements. Consider organizing your documents in a folder to make it easier for the lender to review them. It may take some time, but it’s worth it to make sure you have the best chance of getting pre-approved for a mortgage.
Submit loan application
Submitting my loan application was a bit overwhelming as I was only 18 years old and had never done something like this before. I was relieved to find out that the process was quite simple and straightforward. All I had to do was fill out the online application form, provide the necessary documents and information, and wait for the pre-approval decision. It was reassuring to know that I was one step closer to owning my dream home.
Provide credit history
Providing your credit history is a key step to getting a mortgage pre-approval. I’m 18 and I’m still in the process of building my credit score, so I’ve been extra careful when it comes to my credit history. I’ve always made sure to pay my bills on time and I’m careful to not miss any payments or max out my credit cards. I’m also sure to check my credit score regularly to make sure there are no inaccuracies.
Wait for pre-approval
Waiting for pre-approval can be stressful, especially when you’re a first-time home buyer. It’s understandable to be anxious, but it’s important to know that this is a necessary step in the mortgage process. Give yourself some time to prepare for pre-approval so you can be sure to get the best rate possible. Researching lenders and understanding the process will help you to negotiate the best deal and make the best decision for your financial future.
Review mortgage details
Reviewing mortgage details is key when it comes to applying for a pre-approval. It’s important to understand all the fees, rates, and other costs that come with different mortgages. Take your time to look through the details and compare them to make sure you’re getting the best deal. Don’t be afraid to ask questions too, it’s a big decision and you want to make sure you’re making the right choice.
