So the first step that you want to take is starting your prequalification. Here's where most people go wrong when they look to buy a house. So they, what they do first is they go look for the houses first and then try to get their financing setup.
And the issue with that is it's impossible to tell if you can move forward with a house that you love, if you don't know how much it's going to cost per month, and if you don't know the out-of-pocket costs. You have no idea what you're going to be confident and comfortable with. If you don't know your numbers up front, right? You wouldn't go shopping at the mall without having any money. You won't be able to buy anything.
It's the same thing with a house. You wouldn't go shopping for a house without knowing how much it's going to cost. And if you have that money ready and available for you, you won't be able to buy anything, if you don't start that process.
So getting pre-qualified, makes sure that you have two things lined up and make sure that one. Are able to get approved for a loan for the purchase price that you want, and number two, that you're really comfortable with your numbers. With your numbers I mean, how much you're paying for the house, how much your out-of-pocket costs are, and how much your monthly costs are as well.
So we do a three-step plan to help people get pre-qualified. Number one is, are going to apply online. And this is going to take about 15 minutes plus however long it takes you to submit some documents. So what you'll do is you'll go to WTHYL. You'll go ahead and start an application and fill out some financial information. This will help us get you pre-qualified and match you with some different loan options.
Then we'll request some documents for you to send in things like your W2s or pay stubs, just to verify that everything is running.
After that, what I'll do is I'm going to prepare some cost-saving loan options for you. So we're not just going to give you one loan and say, We're going to let you choose which loan is best for you, depending on how comfortable you're with it. So we'll take your scenario and put a couple of different loan scenarios side by side. So you'll see short-term savings, long-term savings, total cash out of pocket, total monthly payment, everything upfront. So you can make the best decision moving forward and then step.
Once you're pre-qualified, you'll be able to submit offers with your realtor. So this is where you can start shopping with your realtor.
You have a prequalification letter ready, you know, your numbers. Then you can submit offers, on homes so they can get accepted by a seller. All right. So the best way to begin is to go to WTHYL. Start your application. I'll get a notification and then reach out to you for the next steps.
Check out the next step here: How To Be Confident In Your Pre Qualification - 3