Qualify first; Shop after

Sellers and agents will take your offer serious if you take the time to get pre-approved with a lender. It is also important to know what loan amount you are actually pre-approved for, so when you are shopping for a home you can actually purchase it.
Sellers and agents will take your offer serious if you take the time to get pre-approved with a lender. It is also important to know what loan amount you are actually pre-approved for so when you are shopping for a home you can actually purchase it.

The lender will help you with this but you will need to bring them proof of income and assets. They will also review your credit and let you know about the different programs they can offer you. They analyze the amount you pay for your housing each month, add costs such as taxes and insurance and compare it to your month gross income. They generally try to keep it below 35 percent of your gross income. Lenders also look at long term debts such as car loans, student loans, credit cards and what the monthly payments are. They add these monthly costs to your monthly housing costs and compare the total against your gross monthly income.

These two costs together generally do not want to exceed 41 percent of your gross monthly income. There are lenders that can go higher on the debt to income ratios depending on the individual file. This process only takes about 45 minutes and there is no charge to get a pre-approval.

Call Cornerstone Mortgage at (661) 370-0600 to discuss further steps in this process.
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Bakersfield, CA

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