Streamline the Buying Process
Interest rates are at all time lows, sellers are becoming more realistic in pricing expectations and buyers are jumping off the fence. While this is good news for the real estate industry, it can mean longer turnaround times for a closing. To streamline this process a proper pre-approval from your lender is essential. The key to estimating a closing date is the day your application is complete. Gather as much of the required documentation as you possibly can before your mortgage application. This includes two recent pay stubs, past two years’ W-2s or 1099, up to six months of bank statements, the purchase and sale agreement when available, and a Letter of Explanation in the event there are negative entries on your credit report. Preparation and planning can go a long way in making your purchase a positive experience.