Tulsa Home Buyers please get pre-qualified!
This is the FIRST step in buying a Tulsa home for sale!.
With the increasing amount of work needed to obtain financing, a Tulsa home buyer can not make an offer on a home without providing the Seller a letter from a reputable Lender stating that you are pre-qualified. Sellers who are represented by a good Tulsa real estate agent will require this pre-qualification letter be presented with any offer being made on a Tulsa home for sale.
Put yourself in the shoes of the Seller. Would you want to pull your home off the market without reasonable assurance that the buyer’s financing is solid?
Common question among Buyers shopping for a loan: Credit Misconception #10: Inquiries cause credit scores to go down 5 points! See the video made by Blair Warner, Credit Transformation Coach.
After a brief phone conversation or online application, a Lender can give you an estimate of how much home you can afford, so that you can begin shopping. But you will need to gather the following to provide your Lender:
- Recent 2-months’ bank statements
- Recent 2-months’ pay-check stubs
- Last 2 years’ tax returns
Once you supply the required information, the lender will be able to give you a pre-qualification letter which says based on your current financial status at this moment in time based on the info they have collected so far, you are capable of purchasing a property.
Now, if you shop for six months, you’ll obviously need to provide the lender updated bank statements and paycheck stubs, but this will get you started. Also, while the lender has already collected some information & giving you a pre-qualification letter, this does not mean you are guaranteed the loan. They will want to check several other things like a home appraisal, possibly an inspection of the property, or other items in order to solidify their decision to give you a loan. This does not need to happen before you submit your offer, but will be required before purchasing a Tulsa home for sale.
My daughter and her husband purchased their first home with Lori’s assistance. Lori was extremely helpful from start to finish. She helped them find a great home in a great neighborhood. When you’re looking for a Realtor, I highly recommend you interview Lori.
~ Michael Howell, Tulsa Dad
Also your Lender will advise you what to do (or what NOT to do) during the qualifying process, such as not opening new accounts or paying down certain accounts. Each circumstance is different, and a good Lender will walk you through this. While you may think you have more than enough credit & money to purchase the new furniture & entertainment system for your new home, doing this before you own your home could cost you the ability of being able to purchase.
I strongly recommend that you use a LOCAL Lender and if you need help picking one, visit my Tulsa resources section for a selection of Lenders my clients have used in past to purchase a home in Tulsa Oklahoma.
Midtown Mortgage, John Regur, 918-949-7248
Capital Mortgage, Bridgett Gale, 918-392-7409
F & M Bank, Kyle Bradley, 918-748-7187
First Mortgage, Hazel White or Shirley Wilhelm, 918-496-2241
1st Capital Mortgage, LLC, Ron Dunaway, 918-636-5014
First Oklahoma Bank, Kevin Hutchens, 918-638-1717
Elite Financial Services, Dianne Shaw, 918-694-7468
Bank of Oklahoma, Phillip Morrow, 918-488-7147