For first time homebuyers, one of the most important steps towards home ownership may not be as fun as wandering through various open houses, but it is no less essential. Before you’re ready to make a serious offer on the property of your choice – or even start your real estate search in earnest – you need to know how much you can afford. In other words, before you can sign the papers on that new house, you need to focus on getting your financial “house” in order.

At Greenway, we help our clients with this every day... it’s called getting pre-approved. Trust Greenway to help guide you through the process of gathering and reviewing your financial information. Your loan officer will ask you a series of questions about your income such as salary, overtime and bonuses.

We will also ask about debts such as student loans, credit cards and car payments as well as any savings accounts you have. Because calculating your “qualified” income isn’t exactly straightforward, we ask for bank statements, W2s and pay stubs. Using this information, our mortgage professionals will calculate your net income, debt to income ratio and help identify a mortgage and down payment amount that fits your profile.

Greenway’s loan officers are well-versed in working with first-time home buyers and will help identify the right mortgage product for your specific financial situation. And, if necessary, we will help you get your finances in order and work with you on improving your credit
score.

As a first-time homebuyer, it’s also important to remember that your credit score and credit history are key to being approved for a loan – and getting a good rate. In talking with your Greenway loan consultant, you’ll want to discuss any credit problems up front so we can address and correct where possible. Getting pre-qualified at Greenway is free and takes only a few minutes to get the ball rolling. Give us a call (908) 489-4658 or get pre-approved in less than 5 minutes now.