4 Things Everyone Needs to Get Pre-Approved for a Mortgage When Buy a Home in Raleigh

There are so many steps to buying a home that it can seem overwhelming. As a mortgage loan officer with PRMI mortgage, I will help make the process of buying a home in Raleigh seem simpler for my clients. Therefore, I want to share some of the first steps I share with my customers.

4 things every home buyer in Raleigh must do to get pre-approved for a mortgage are:

1. Prove Income: Everyone who is buying a home has income. As a mortgage loan officer, we just need to verify where it is coming from before we can pre-qualify a home buyer for the home shopping process. This is typically done with pay stubs and tax returns. However, there are other ways to do it depending on the type(s) of income.
2. Picture of Credit: There are different types of loans depending on credit history. Therefore, no matter what the credit report will look like, it is important to run the credit to determine the best structure of your mortgage loan.
3. Gift Letters or Co-Signers: Depending on the credit report and the type of help home buyers are receiving to pay for the home, it is important to bring two different types of documents. If a family member is gifting money for the purchase of the home, an intent letter needs to be written explaining what it is for. Additionally, if a co-signer on the mortgage is needed, that individual will need to be disclosed and apply for the mortgage as well.
4. Home History: Whether you currently own a home or are renting, it is important to have a history of where you have lived in the past.

These are the easy steps to getting pre-approved for a mortgage in Raleigh. There are a few more steps that go into setting up the loan, but it is best to speak with a mortgage loan officer first. Contact me today to learn more about the process of buying a home in Raleigh.