The Preapproval Process
Are you a first time homebuyer that is curious about how to get financing to buy a home? Velocity Lending is here to explain how to get preapproved for a home loan and what the steps are in the process. We’re your trusted local mortgage broker and we’re ready to help you take the first step toward buying a home.
The first step is completing an application. To do this you have 2 options. You can call our office and speak with our preapproval specialist, Omar or you can complete our online application, which is going to consist of the same questions and information, but in a self-completed format. The application will ask you for personal information, like your name, birthdate, social, contact information and other necessary identifiers. It’s also going to ask about your estimated credit profile, and whether we are authorized to complete a credit check. You will additionally be asked to provide information about your employment and assets, commonly referred to as “income.” Last but not least, you will give an idea of current debts and financial obligations. When you complete this process with us, you can feel confident that your information will stay private and protected, as our online application is through a secure portal and any physical notes or documentation is uploaded to our secure server and destroyed in a secure shredding facility.
Once you complete your application, you will be asked to submit documents to verify the information you provided in your application. These will range from your tax documents, like your W2, employment documents, like paystubs, and asset documents, like bank statements. Dakota, our loan manager, will look over your application, your credit profile, and your documents to determine a preapproval amount. He will draft a preapproval letter to send to your real estate agent to submit when you make an offer on a home. He will also, of course, let you know that number so you know what to be looking for.
At this point, you will come into the office and have a meeting with our Loan Officer and branch manager, Josh. If you’re unable to come into our office, we can also do these meetings virtually. Josh will go over your different loan options, monthly payments, and what you can do to improve that number if need be. You can ask any of your questions at this time, or at any time in the process.
Once you’re armed with information and home financing, it’s a great time to pick an agent if you haven’t already. The team at Velocity Lending knows many amazing agents if you need help choosing one! Once you have an amazing agent, a fantastic lending team, and all the facts you need to be successful in your home buying experience, you are ready to find and make an offer on a home. Your agent will help you search for homes, go to showings, and complete the necessary paper on the real estate side, and the Velocity team will be here to help get you through to the closing table (& beyond!) with your home financing.
If you’re ready to take the first step to buy a home, please give us a call and we will be happy to help you get started. Omar is waiting for your call! 970-460-6677