So, you’re dreaming of having a home in Washington State? Awesome! But wait, before you start picking out your dream house, there’s something important you need to know about – it’s called getting pre-approved for a home loan. Don’t worry; we’re going to make it as easy as pie, and we, Joe & Charity Slawter from Live Well Home Group, are here to help you every step of the way.
Why Pre-Approval Is Like a Superpower?
Imagine if you could have a superpower before you even start looking for a home – that’s what pre-approval is like! It’s like having a special key that unlocks the door to buying your dream home. We, Joe & Charity, are going to dive deeper into the pre-approval process in a way that’s easy to understand.
Don’t Skip the First Step
Okay, here’s the deal. Some people think they can skip this pre-approval thing and jump straight into finding a home. They might say, “I know how much rent I can pay, so I’ll just look for a house with the same payment.” Sounds logical, right? But there’s more to it! The pre-approval considers not just your monthly budget but also your credit score and something called debt-to-income ratio (DTI).
The Debt Mystery
Now, debt might sound like a big, scary word, but don’t worry. If you have things like credit card payments or car loans, they’re like puzzle pieces that need to be considered. Even if you feel you can afford a certain amount, a lender might say, “Hold on, there’s another thing here we need to figure out.” So, knowing your pre-approved amount will help you understand what you can really afford.
The Credit Score Hero
Your credit score is like the hero in this story. It’s very important, and it decides a lot about how much you can borrow. But if your credit score isn’t perfect, no worries! There are ways to make it better, like getting advice or help from us who know how to boost it up.
The Easy Step-by-Step Guide
Now, let’s break down the steps to getting this pre-approval.
1. Finding a Trusted Lender
So, to start your adventure, you need to find a trusted lender. But not just any lender! We suggest asking your real estate professional because they know the best ones. Local lenders are like the superheroes of your neighborhood, and they know the ins and outs of Washington State real estate.
2. Filling Out the Application
Next, you get to fill out an application. This step is easy as pie. You can do it on your phone or laptop. Just make sure to be honest and provide the right information, and you’ll breeze through this step.
3. Collecting Documents
Now, get ready for a bit of detective work! Your lender will ask for some documents like pay stubs and tax returns. If your financial life is simple, it’s like solving an easy problem. But if it’s a bit trickier, like if you’re self-employed, it might take a bit more time.
4. The Credit Score Check
Here comes the exciting part – the credit score check! And if your credit score isn’t where it needs to be, don’t worry! We know ways to help you make it better.
5. DTI – What’s That?
Okay, here’s another term – DTI, or debt-to-income ratio. Your lender will help you figure out if your income can handle your debts.
6. The Preapproval Letter
Ta-da! Within 24 to 48 hours (or a bit longer if it’s a bit tricky), you’ll get your pre-approval letter. This letter says, “Hey, you’re ready to explore homes in your budget!”
Tips for Smooth Sailing Process
Before we finish, here are some extra tips to make your pre-approval adventure even smoother:
- Keep Your Letter Updated: If you’re looking at different-priced homes, make sure your pre-approval letter matches the amount you’re offering each time.
- Local Lenders Are the Best: We say that working with local lenders is like having superheroes on speed dial. They’re there when you need them, even on weekends!
Ready for Your Adventure?
Feeling excited and ready to start your pre-approval adventure? We, Joe & Charity Slawter of Live Well Home Group, will be your expert guides, ready to support you.
For a personalized chat, book a FREE strategy call here or give us a call at 📲360-268-8420.
Your dream home in Washington State is waiting for you – let’s go get it!
