preapproval: Should you get pre-approved before shopping for a home?
- 01/08/11 07:15 PM
That's a great question! Getting pre-approved by a lender should be one of the first steps you take when looking for your next home. If you're thinking to yourself, "My credit is good enough" or "I've purchased a house before, I"ll be ok" ...THINK AGAIN! Things in the mortgage world have changed dramatically in the past 12-18 months and a good credit score doesn't guarantee you an approval anymore. Underwriting is more intense now, and regardless of your FICO score, everything is put under the microscope: Your credit, employment history, asset documentation, and tax returns (just to name a few) … (2 comments)
That's a great question! Getting pre-approved by a lender should be one of the first steps you take when looking for your next home.
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