Preparing to Work with Your New Lender
As you begin the home buying process, one of your important first steps is to take a serious look at your finances. This means putting your “financial house” in order and pre-qualifying for your new financing before you ever make a formal application for a new loan.
There are several factors which demonstrate your credit worthiness and your ability to repay your loan, including your income, savings, debts, and credit history. Consider the following actions you might take to provide evidence to your lender that you are a good risk.
Your Credit History
Once you choose a lender, be sure to provide that information to your Escrow Officer. As the escrow progresses, the Escrow Officer will be in contact with your lender to check on the approval process and to be sure that any required escrow documents are supplied promptly. When your loan is approved, your Escrow Officer will coordinate your document signing appointment and describe the timeline for the final steps leading to your closing. Your real estate agent, your lender, and your Escrow Officer will partner with you to guide you through the financing process from start to finish.