New Mexico Mortgage Broker

If you are looking to purchase a home in New Mexico one of the first things you should ask yourself, what is the process of getting approved for a home loan.

While the process can be very confusing especially for a first-time home buyer, we have laid out what steps you need to take, what documents you will need, and deadlines you need to meet.

Before you go to open houses or start viewing homes with a realtor, make sure you reach out to a Loan Officer first. In this first interaction with your Loan Officer, you should talk about what you are looking for in a home. Next you will want to discuss your job, income, employment, and how much money you have set aside for closing costs and down payment.

Next, you will want to fill out a loan application and supply all necessary documents. While some lenders sometimes don’t ask for this, I highly recommend that you supply all documents upfront. This will allow your loan officer to do a deep dive into your finances so they can truly know where you stand. 

Once this is completed, you will have a solid pre-approval. This is very important especially in a very competitive market. 

Now that you have your solid pre-approval ready to go, make sure your loan officer explains to you what loan programs you are qualified for. Now the fun part begins… searching for your new home.

Before you go under contract for a new home, find a great Realtor to work with that can explain your obligations of the contract. Within every contract, there will be several deadlines that you will need to meet. If for some reason you do not meet those deadlines, you may be in breach of the contract which can cost you a lot of money.

The process can be difficult to navigate without a trusted loan officer and realtor by your side. Don’t do this alone. If you’d like to learn more about how we help our clients, feel free to call us directly at 719.247.6622. At the Letson Group, we are here to help make your home buying process smooth and stress-free.