Buying a home in York County SC - Get Lender Pre-Approval
Get Approved by a Rock Hill or Fort Mill Mortgage Lender
The first step in looking for a home is obtaining a pre-approval by a lender. York County offers a variety of homes in Rock Hill, Fort Mill and Tega Cay, and they are offered at price points that can fit every qualified buyer. Knowing that you are qualified and for how much ensures that you spend your time finding the best home in the right community for you or your family.
When you talk to a lender about a home loan, they will look at a number of factors to determine if you can qualify for a mortgage loan. They understand that the mortgage payment amount is only one component of home ownership expense and it is just one of the items considered.
As stated, your FICO score will be one of the key criteria used by your lender to determine the loan programs for which you qualify and the interest rates you may be offered. Homes in the Piedmont has developed an informative presentation to explain the FICO scoring process. The percentage of your mortgage payment as a portion of your monthly income is another key factor, and it is as important as your FICO score.
Employment history and time in your current job will also be a factor. Loan amounts and interest rates take into consideration earnings history If you are considering a change in employment, be aware that it may have an impact.
Your lender will speak to you about an escrow account. Escrow accounts are used by lenders to retain pre-paid funds for real estate taxes and home owners insurance. When utilized, lenders require monies to fund the account initially (pre-paid at closing). They will also include 1/12 of the expected annual tax and insurance premium as part of your monthly payment. When due, the mortgage company pays your real estate taxes and homeowners insurance.
It is incumbent on you to provide all necessary paperwork and required documents to the lender as quickly as possible. Timing is critical, as loan approval timing is an element in most Offer to Purchase contracts. Some loans may require extra attention and this can increase processing times. Request a
Good Faith Estimate for reference. Do not make major purchases before your closing (i.e. new car, furniture, etc.), movie fund, or apply for credit or credit cards. Remember: Select a price range that fits YOUR budget, not necessarily the loan amount for which the lender has qualified you.
Next, and most importantly, FIND THE RIGHT REAL ESTATE AGENT TO REPRESENT YOU!