When you’re pre-qualified, you’ve given your mortgage lender all the basic info they need to help you determine what loan program and what amount you may prequalify for. When you are pre-approved, your lender will have collected the necessary documents and verified your information to move the loan forward to underwriting and approval!
Prequalifying for your home loan before you begin shopping for a house can save you hours of unneeded stress and heartache. When you know how much house you can afford in advance, you can meet with your realtor, well-informed and ready to make an educated buy. In eyes of a seller, a pre-qualified home buyer also appears more motivated (especially in this market).
Likewise, holding on to your paystubs, bank statements, and tax returns can make a speedy prequalification even speedier. To further grease the wheels and keep your loan process moving, make all your bill payments on time. It also helps to have a paper trail of any large deposits you make, as well as to notify Roy directly if you plan to use a down payment gift from your family.
Prequalification can be easy, but it’s after you get preapproved and the loan process progresses that your lender is required to pull a refreshed credit report before closing to check for any new debt.
So, any major changes in your finances could delay your loan closing – or even result in a denial despite an earlier approval.
If you think any of these don’ts are musts, talk to Roy before you take action. He can help you figure out what to do so that your mortgage loan is the least negatively affected.
While not taking on any debt and paying for everything with cash seems like a logical choice if you feel you can’t afford your lifestyle, no credit also means bad credit in the eyes of a lender. There’s bound to be a time when you can’t buy something with cash, like buying a house (in most cases). So, we recommend opening at least three credit card accounts and making occasional purchases.
To manage your debt and maintain healthy credit, keep credit card balances to less than 30 percent of your credit limit. Also, don’t close long-term credit lines, even if they’re not being used. Your longest-standing credit card account might be a huge contributor to your credit score health — and the mortgage rate you qualify for.
To estimate your ability to pay your monthly mortgage, we recommend setting aside about 28 percent of your monthly income. This number factors into your debt-to-income ratio, mentioned above.
For many people, any number between 25 and 32 percent of your income is manageable. But, relying on a higher percentage of your monthly income could put you at risk if you have a big financial change, like rising insurance costs or loss of employment.
Mortgage interest, insurance paid, and property taxes are normally tax deductible for your principal residence. Buying a house is an investment, but the tax deductions may be large enough to lower your tax bill “substantially.”
Interest/insurance payments on a Residential mortgage (as well as mortgage interest/insurance on a second home) may be fully deductible.
Likewise, selling one home and buying another means you might be able to protect the profits on the sale of your home, as long as it was used as a principal residence for any two of the last five years.
You could protect up to $500,000 in Tax-Free Profit when filing federal taxes jointly or $250,000 when filing single. This added bonus of tax‐sheltering the profits on the sale of your home may be available to you once every two years. Homeowners who take advantage of these deductions could save hundreds of dollars in annual taxes.
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Equal Housing Lender. Panorama Mortgage Group, LLC NMLS 133739 is headquartered at 350 S. Rampart Blvd Ste 310, Las Vegas, NV 89145. Toll Free 702-214-1400. Panorama Mortgage Group, LLC, d/b/a Americana Home Loans, Legacy Home Loans, Inspiro Financial and Panorama Mortgage Advisors (nmlsconsumeraccess.org
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