Pearland Texas future home buyers, in the loan approval process you will make a loan application with a lender. The lender may ask for information such as your job history, last two or three bank statements, W-2s, and pay stubs. Within a couple of days of applying for your loan approval, you should receive a good faith estimate that will outline costs associated with the loan. (most lenders can get this to you the same day) The estimate should also give you an approximate amount the funds that will be needed at the loan closing. As a pre-approved buyer, you will be taken more seriously when negotiating items like sales prices and fees. When it is time to present offers on properties, your offer will be more attractive to a seller. The seller will know that you have already finished with the time-consuming process of loan application and you are ready to proceed with the other aspects of the transaction. Having loan approval will also help you close your loan quickly once you find the right home. Most seller's look at this as one more added benefit.
So Yes Pearland Texas Buyers! I recommend you get pre-approved for a mortgage loan early in the process. Most sellers do not require that you be pre-approved by a lender before submitting. But before you start looking at homes, you should learn what you could afford by speaking with a lender first. As a pre-approved buyer, you will have a better understanding about what you can afford.
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