Lafayette Real Estate Services

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Buyer Resources

Information You Need

It’s so important that the agent you choose to guide you through this journey is your trusted expert and advocate. We have a team of experienced, qualified real estate professionals ready to help you find homes for sale that meet all of your criteria.

When you are ready to get started, call us at 303.666.4300 or complete this short form and one of our agents will be in touch.

Financial Information

PRE-QUALIFICATION VS. PRE-APPROVAL

Pre-qualification and Pre-approval are often used interchangeably, but they mean different things. Pre-qualification (often shortened to prequal) is a basic overview analysis of a borrower's ability to get a loan. The borrower's financial information is collected verbally, but not verified.

With a Pre-approval, you submit several financial, tax, and employment documents; as this is a more thorough process. Neither is a guarantee that you'll be offered a loan, although a Pre-approval provides for a stronger and more reliable gauge of loan worthiness. A Pre-approval does not include all the paperwork that a loan will require though. Title work and appraisal (both items will cost you money) will need to be completed or in process when you actually apply for a loan. When you are Pre-approved, you cannot get these, because you often don't have a property identified as of yet to make an offer on. With a Pre-approval, you, the borrower, are being approved for the loan from a financial standpoint. The property itself will still need to be approved once it's identified and your purchase offer has been accepted when you're officially under contract.

So, why would you ever bother to get Pre-qualified? Pre-qualification provides buyers a starting place, letting a buyer know if they can possibly get a mortgage loan. It is fast and easy to do. There is no point in going through the Pre-approval process if you don't have the income, assets, or credit score to move forward from a pre-qualification perspective.

However, if you can get Prequalified for a loan, you should go through the Pre-approval process next. Realtors® and sellers will most likely require this step before going too far along the buying or selling process with you. They want to insure that you can actually get a mortgage loan before showing homes that you may not qualify for, saving all parties time, money, and frustration.

If you provide all the needed information, what could go wrong? Why is Pre-approval necessary? When you get prequalified you might think you have all the information you need.

For example, if you say you think you have $8,000 in your bank account, you are Prequalified based upon that figure. Later you realize that you really only have $6,000, so now you may not have enough assets to qualify for a loan.

However, Pre-approval isn't a sure thing either. If you get Pre-approved based on March's bank statements that say you have a balance of $7,600, but by the time you go through the application process you only have $5,600 showing on your April statement, that may cause difficulty in your loan process as well.

It is critical that you maintain your employment, bank balance, income and credit score during the entire loan application process. Prequalification and Pre-approval are based upon these numbers; should they change, so does your eligibility.

The first step will be to get Prequalified for a loan, second step is to get Pre-approved. Then shop for a home based on the amount you are Pre-approved for, and then apply for the home loan once you have an accepted offer and are under contract. If you follow these steps, it will save you a lot of time and aggravation on the mortgage loan process.

Other Things To Consider

LOAN CHECKLIST

When you're ready to begin your loan application, you're going to need some documentation to provide to your lender; be sure to provide originals unless otherwise noted. It's a good idea to start gathering these documents in advance and identifying where they're at so they can be easily retrieved for your lender to review. Even if you don't think you'd be eligible for a loan, moving forward with a lender in this process will definitively identify your loan eligibility and financial areas that need improvement. Your lender will work with you in developing a plan to get you to a point of eligibility, and is a powerful resource and partner for you in attaining that goal.

  • Sales Contract on the purchase of your new home, when finalized
  • Copy of Sales Contract on the home that you’re selling. This only applies if you’re selling your previous home to assist in paying for your new home
  • Original Paystubs for the past 30 days that show year to date earnings, your name and Social Security Number
  • Most recent 2 years tax returns with all schedules
  • Most recent 2 years original W2 forms
  • Most recent IRA/Keogh/401K/Profit Sharing Statements
  • Award letter and copy of most recent check for Social Security, retirement, or disability
  • Year-to-Date Profit and Loss Statement/Current Balance Sheet if you’re self-employed
  • Residence History for the last 2 years of your past addresses and dates
  • Statements on all recent outstanding loans and credit cards
  • Bank statements for all accounts, bringing 2 months documentation to prove the source
  • Transcript or Diploma if you were a student in the last 2 years
  • For real estate you currently own, bring addresses, loan information, and leases if applicable
  • Landlord’s name, phone number, address, and cancelled rent checks for past 12 months
  • Relocation agreement if you’re being transferred into the area by your employer
  • Bankruptcy papers including schedule of creditors and discharge papers if applicable
  • Check for appraisal and credit report fees

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FIND OUT HOW MUCH YOUR MORTGAGE WILL BE

Resources For Lafayette Home Buyers

The journey to homeownership starts by understanding how much you can afford. One major thing to consider is your down payment, if any. Many consumers believe it's impossible to buy a home without at least 20 percent down. But thanks to various government-sponsored programs, many people can now buy a house with as little as 3.5 percent toward a down payment. Veterans of the U.S. military have zero-down programs available.

Finding a knowledgable Mortgage Loan Officer is key to recieving the most up-to-date information on available lending options. Feel free to check out or vetted list of preffered lenders below - or, if you just want to run some quick rough numbers, check out our free mortgage calculator.

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Mortgage Calculator

Benefits Of Using Phoenix Realty & Property Management

  1. You are working with REALTORS®

    Real estate agents who are members of the National Association of REALTORS®. We're committed to maintaining the professionalism of the real estate business and are proud to uphold the standards of the National Association of REALTORS® and its Code of Ethics and Standards of Practice.

  2. We are Professional.

    Buying and selling real estate is first and foremost a business decision- not an emotional decision- where we advocate and negotiate hard for our clients to insure their best interests and goals are exceeded throughout the transaction process to closing.

  3. We are Certified.

    Our dedication to our profession is evident with our professional certifications. We are committed and dedicated professionals who are not content in only taking courses needed to earn and maintain a real estate license, but are determined to continually improve our professional skills and education. By devoting more time and increased effort attending advanced educational courses and passing examinations to earn these designations, we are in a much stronger position to better serve our clients.

  4. We are Your Partner.

    A large portion of the work we do is project management, where we guide our clients through the purchasing and selling process. We refer our clients to a robust network of partners who are highly reliable professionals that are recognized as being among the best in their profession. We will make every effort to make sure our clients receive the smoothest transaction possible; before, during, and after you buy or sell your home.

  5. Experts in Our Area.

    We have access to several outstanding analytical tools that provide comprehensive information on a property, neighborhood, town, or city. We also generate Comparative Market Analyses (CMA) which detail specific address level data point information for our clients. These CMA's enable us to provide the most up to date counsel on local market conditions for our clients, thereby enabling them to make the best possible business decisions for themselves and families regarding purchasing and selling real estate.

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Lafayette Property Managers

Residential Property Buyers

On the buyers side we have experience in new home and existing home sales, as well as experience helping the investor. We believe the buying process should be about finding the right home.

Buyer Resources

Residential Property Sellers

We offer full service sales assistance and can advise on sales price, marketing and market analytics, staging your home and educating you on what can be expected in regards to offers in today's sales market.

Seller Resources

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