"So.. I'm Pre-Approved Now what....?"

So you just got Pre-Approved by a Mortgage Professional and you're left wondering  "Now what?"
​First and Foremost!

1. ​​Ask your lender to provide you and your realtor with a Pre-Approval Letter.
2. Ask your lender to provide you and your realtor with a DU Approval.  <--- What's that?!? In short it's a Desktop Underwriter which is programmed with the latest Fannie Mae Guidelines and knows what constitutes a salable loan.

      3.        Be sure your realtor has these two items. They may seem like a couple flimsy pieces of paper but these are your 'keys" to homeownership when an offer is being submitted.

​     4.         Find the property of your dreams with your realtor. With how quickly some markets are moving look for 5-7 properties and have your realtor schedule showings.

​     5.      Make your offer or offer's on property(s) -- Be sure your pre-approval letter and DU Approve/Eligible sheet were submitted with your offer. Why is this important? These two items show you've taken the initial steps of seeking financing. These items WILL set you apart from offers that do not have a Pre-Approval Letter or DU Approval along with them.

​   6.        "CONGRATULATIONS YOUR OFFER WAS ACCEPTED!!"  - Call your Lender and let them know. Start gathering up your updated paystubs, updated bank statements, and other applicable items needed by your lender. If you are unsure what's needed call and ask. It's imperative your loan is opened within 1 day of having an executed contract. Be sure to get your lender all documentation needed to have the most complete file as possible! This will keep you from delays throughout the mortgage process!

​   7.         Go through the mortgage process.  

 
​   8.         Close on the home of your dreams!!!


​As always if you have any questions about this blog post or any mortgage related questions please feel free to contact me at anytime!

​Rene L. Vila III
305-972-7303
​Renemortgages@gmail.com
NMLS 1369009
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