Starting from where we last spoke about in the previous videos, it's application time. By now, you have already reviewed the basic requirements, we spoke about different programs available, you already know what to expect during the process and which fees you occur during the process and are 100% comfortable moving forward. The pre application is a quick 5-10 min online process. This will get done here at the office with us, that way we can answer any questions you have. This is also the time you would bring all the required documents with you. The online application is going to ask for you personal info along with , work history. Now, depending on our previous conversation, you may be applying for 2 different reasons. First, would be to find out what your scores are and what needs to be done to improve ( using the credit wizard service ). Second, of course, would be to get the process started and check budgets, then start the home search.
Once, we have the application, the loan office will give us that estimated work sheet we spoke about,, and based off the cost worksheet would determine which list of homes we will be checking out. ( Check out the video on how to narrow down a home search for your budget. ) The pre approval letter issued to you will be valid for 90 days, but YOURE NOT obligated to buy now. Some agents or loan offices really put that pressure on you, but we have worked with several people past the 90 days. What they mean is, that they will have to run your credit again after the 90 days. Oh yea, keep in mind, your score is ran twice through out the process. Some people ask, do I have to run my credit to find out where I stand.. I tell them " YES OF COURSE " how else would they know. Its a few points and needs to be done.
Make sure to check out how the home search is supposed to be done. Which homes you can actually buy, what apps work the best and of course how to submit those crazy offers !