Did someone you know just buy a house? You may be hearing the same thing—you should buy a house now; get in while the prices are low and the market is great! And now, you’re eager to get some information and find out what your options are. The question is, are you ready to buy a home?

Start by asking yourself these questions:

• Do you have a steady source of income?
• Do you have a good record of paying your bills?
• Do you have few outstanding long-term debts, like car payments?
• Do you have money saved for a down payment?
• Do you have the ability to pay a mortgage every month, plus other costs?

If you’ve answered yes to the questions above, then it’s time to start the process of buying your dream house.

Where to Start:

What is the first thing to do on your way to become a homeowner?

Start by either getting a prequalification or a preapproval from a lender. A prequalification can be given to you by a loan consultant, and most often can be prequalified for a home loan in less than an hour. You need to fill out a mortgage application and authorize a credit report. You should provide the loan consultant with your income documentation. The loan consultant will then review your mortgage application, your credit, and your income documentation—these documents will determine whether you prequalify for a loan or not.

After reviewing your documents, the loan consultant will tell you the loan amount that you qualify for, the types of loans that you qualify for, the sales price on a home loan you can qualify for, and the current rate and fees for the selected loans.

A preapproval, on the other hand, is one step further than prequalification. To secure a valid preapproval, the loan consultant will compile the information gathered from your credit report and income documentation. You will know when you are preapproved because the lender will send you a letter stating that your mortgage is preapproved.

Voyage Home Loans will guide you all through the home loan process, from preapproval to closing, making your first steps along your voyage to purchasing your dream house possible, and easy.

Contact us today to get started.