Getting a mortgage preapproval for beginners

Shopping for a home can be exhilarating.

The excitement of buying a home can quickly turn into frustration, however, for those who are unprepared.

Since buying a home is one of the largest financial commitments you’ll make, it’s important to have a strategy.

A sound strategy starts with getting a preapproval.

A preapproval is as close as an applicant can get to a formal loan approval. This conditional commitment from a lender provides useful information needed to get ahead in the home-buying process.

Getting a mortgage approval lets the market and the seller know you’re designated by a lender for a loan, and you’re ready to make an offer. It also gives you an idea of how much of a home you can afford.

Here are the documents you’ll need to achieve preapproval status.

Generally, you’ll be asked to provide identifying documents, such as driver’s license, passport or a state ID.

The financial documents you’ll be asked to provide include pay stubs for two months, tax returns and W-2s spanning two years, bank account statements and any other pertinent financial records that prove income.

Those individuals who are self-employed may undergo an audit instead.

The paper trail and application will uncover a number of things, such as proof that you can make good on the eventual mortgage payments, down payment and shed light on your credit worthiness. Once everything is lined up, the lender will extend to you a pre-approval, which empowers you to shop for a home with complete confidence.

The Jaro Team is a premier group of experienced home loan professionals who are here to help.

We can guide you through the loan process and outline the steps to homeownership.

With our team on your side, you’ll have a strategy and commitment to try to get you into a home of your dreams. Please contact us today to learn more.

Home-searching millennials prefer Boise

When it comes to the preferred destination for an exciting new housing opportunity, away from big-city lights and prices, millennials are going with Boise.

Boise is increasingly becoming a favored place to live because of its cost of living, amenities and the balance of pace to living it provides.

Places like Boise are being named the best places for millennials to live, according to Livability. It is also one of the fastest-growing cities in the U.S., with a 26 percent increase to population in 2018. Another report by the Wall Street Journal showed that thousands of millennials moved away from cities exceeding populations of 500,000 in the same year.

It’s clear that this reversal is an ongoing trend.

Millennials are heading to the suburbs in search of something more affordable and accommodating.

With the right team and program, you can do the same.

The FHA loan is available for single-family and multi-family homes. What makes this product so appealing is the flexibility – low minimum down payment requirement, reasonable credit score expectations and lenient income requirements.

Another powerful program is the VA loan. It allows Veterans to enjoy a smooth path to homeownership because applicants can do 100 percent financing and avoid paying mortgage insurance.

If you’re thinking about purchasing a home in the Boise region, please reach out to us today to learn more about the possibilities.