Like these summer days, Delaware’s real estate market is hot! Newly listed homes often see multiple offers from eager buyers. That’s why you shouldn’t wait till you find the perfect home to start the mortgage process. A pre-approved buyer is likely to seal the deal. My friend Ben Pugh of Residential Mortgage Services (RMS) has graciously agreed to share his tips for getting mortgage-ready: 

Get your financial documents together. Gather your last 30 days of pay stubs, your last 60 days of bank and other financial statements, and your last two years of W-2 forms. This allows for income verification. 

Meet with a recommended lender. A good lender will educate you on the mortgage process. He or she will inform you of available programs and, once you’re interested in a specific home, help you determine if the property is a good fit financially. 

Your lender should thoroughly review your financial documents with you so you understand your price range. Once you know how much your monthly payments will be, you can look at properties that work with your budget. 

Complete the necessary paperwork. Complete an application, and get credit-qualified. That way, when the perfect property becomes available, you can pull the trigger instead of dealing with documentation. Doing the work ahead of time puts you in a “buy” position. 

Whether you are a first-time buyer making the move from the expensive rental market, or a buyer who has been through the process before, becoming mortgage-ready in our busy market makes good sense. 

Ben Pugh is a Delaware-based mortgage lender also licensed in Maryland and Pennsylvania. He has 13 years of experience with conventional FHA, USDA, and VA loans. He expertly guides clients through the entire mortgage process, and I can’t recommend him enough!