First up, paperwork! Don't stress about it, though. I've got the perfect tool for us – dotloop. It's an online workspace that streamlines the entire real estate transaction process. With dotloop, we can effortlessly edit, sign, and share documents digitally, saving time and keeping everything organized. You'll have access to all necessary forms on your phone, tablet, or computer.
Next, pre-approval is crucial. Sellers prefer offers from pre-approved buyers for financial reliability. Understanding your budget, monthly payments, interest rates, and other financial details is essential. A good mortgage lender will make the process smooth and help you secure the best deal.
Gathering paperwork for pre-approval is straightforward, including:
Once submitted, you'll receive a pre-approval letter within days. Knowing your closing costs, estimated at around 2.5% of the property price, and getting a Loan Estimate from your lender are vital steps.