Buying a Home

The only way to truly know how much home you can afford is to call ENG Lending right from the start!

STEP ONE: Get Pre-Approved.

Before shopping for a home, its a smart move to get pre-approved!
 

A Pre-Approval from ENG can give you:

  1. Confidence that you can afford and qualify for financing.
  2. More credibility with your Realtor.
  3. Leverage with seller because they know you are a serious buyer.

Getting preapproved is as easy as spending time either on the phone, or if preferred, face to face at our offices, to complete a basic application. Items discussed will focus on your income, credit, and down payment options.

STEP TWO: Determine Your Down-Payment

Once you are pre-approved it’s time to determine how much money you will need to have at the closing to complete the purchase of you new home. By getting the pre-approval first, you will know the MINIMUM AMOUNT of money that will be required by the Lender. Knowing the minimum needed, you can then work with ENG Lending to figure out what is the right down payment amount for your specific situation. These options will be discussed during your initial pre-approval consultation. The three main sources of your down payment are:

  1. Your own funds
  2. Gift funds from family members
  3. Seller paid closing costs

The amount of down-payment is one of the key points to your loan programs’ terms and qualifications.

QUICK TIP: Putting at least 20% down will allow you to avoid paying Private Mortgage Insurance (PMI), thus lowering your overall monthly payment.

STEP THREE: Finalizing Your Loan Application

After you have worked with your realtor and found your new dream home, now it’s time to complete the mortgage process. The three main factors lenders consider when determining mortgage terms are:

  1. Income: W2 Employee, Self-Employment, Retirement Income, etc.
  2. Credit: Scores, Previous Mortgage/RentPayment History, Bankruptcy, etc.
  3. Collateral: Type and condition of Home, Marketability, etc.

ENG Lending will work with you to finalize your loan terms and discuss what documents will be needed. Some items you can expect the lenders to ask for include:

  • Paystubs, W2’s, Tax Returns
  • Signed Sales/Purchase Contract
  • Copy of Rent Checks or Previous Mortgage History
  • Identification, such as Drivers License or Passport.

Each applicant and mortgage program is unique, and thus the importance of having ENG Lending on your side. Call us today at 724-776-4100 to discuss your options!

Get More Information - No Obligation!

Call (877-229-6901) or fill out this form now.

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