A pesky part of the property purchase process is...you have to pay for it in some way.
A lender will help guide you through your financing options. This is very helpful, as it will help you figure out your comfort level with monthly payment. During this time, you can talk through how long of a mortgage note you would like, what the downpayment options are, any questions on the loan process, and how long it typically takes for them to close a loan. You will also talk through approximate amounts for taxes and insurance to put into escrow.
After your discussion and the lender pulls appropriate credit information, you will receive a pre-approval letter. This letter is sent to a seller when an offer to purchase real estate is submitted to them. It shows the seller that you have the ability to purchase the property.
For cash buyers, you will use a proof of funding letter that will come from your bank or credit union, showing that you have the cash readily available for the purchase.
Please contact me with any of your real estate questions.
Matt Gatewood
Realtor®
Keller Williams Louisville East
502-594-6582
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