Comparing Loan Offers Before Buying a Home
Before buying a house, request loan estimates from multiple lenders. Do not choose a loan until you are certain that it is appropriate for your situation. Requesting a loan estimate is straightforward and does not require any written documents. You can compare loan estimates from several lenders to determine which one is offering you the best price. You just need to provide six key pieces of information to begin your loan application:
- Your name
- Your income
- Your social security number for credit checks
- The address of the home you plan to purchase
- An estimate of the home’s value
- The loan amount you want to borrow
Make sure to request the same type of loan with the same features from each lender, such as the loan type, rate type, loan length, down payment amount, monthly payment, and so on. When you get your loan estimates, you want to be sure you’re comparing the same type of loan.
Obtaining a loan estimate is simple and inexpensive. A loan estimate does not need you to present formal documentation.
While you are not obliged to produce paperwork in order to acquire a loan estimate, sharing what you have with the lender is a good idea. Tell your lender if anything odd about your situation exists, even if you don’t have proof — for example, if you are self-employed or have unpredictable sources of income. The more information the lender has, the more accurate your Loan Estimate will be.
Prime Choice Funding is here for you. If you are planning to purchase a new home or refinance your existing home, we can help with your homeownership goals, call us at (877) 787-7463 or contact us here.