Let's Talk Money!

You've made the decision to purchase a home. First of all, congratulations! This is a truly fantastic life experience and we want to make it as easy for you as possible. A question that is quite daunting to many buyers - even those that aren't first-time buyers - is "What about the money?" and you know it takes money, so now what? If you've saved your pennies and are able to pay cash, you're set! But this isn't reality of over 95% of us, which means requiring a mortgage.

Getting a Competitive Edge

Getting the competitive advantage is something that we can't stress enough. This means obtaining pre-approval letters from lenders so you know what you can comfortably spend and also have leverage when you find your dream home. In a market that's as hot as Louisville right now, leverage is a good thing.

In addition, oftentimes offers aren't taken as seriously if a buyer hasn't been pre-approved. This makes sense from a seller's standpoint; if you have multiple offers on the table and only one submits their pre-approval as well, which are you most likely to view as a stronger offer?

Pre-approval

Getting pre-approved is easy and free. Even if you think you are a year or so away from buying a home, it’s always best to talk to a lender and have them check your credit for any potential defects that might need to be corrected before submitting an offer to purchase a home. So, what are you waiting for, go get pre-approved!

Here's a list of what you need for pre-approval:

  • Two most recent paystubs for all parties that will be on the loan.
  • Last two years W-2s for all parties on the loan.
  • Last two months bank statements for all parties on the loan.
  • If you're self-employed, the last two years of all your tax returns.
  • If you're on a fixed income, a copy of your "Award Letter".

If you would like a suggestion or need more information about pre-approval, we recommend working with Jason Justice of First Commonwealth Mortgage. Any of our agents will be glad to assist with any questions you may have, please call 1-502-554-9554, or email for more information.

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