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Why You Should Get Pre-Approved For Your Mortgage
It's the day until you're set to close on your home and you just got a dreaded call from your lender: They can't finance your home purchase.
 
It sounds like a total nightmare, and it's a situation many want-to-be-borrowers have faced. They have taken weeks of their lender's time, their agent's time, the seller's time, and their own time just to find out that the deal can't go through after all. What happened and how can you avoid this nightmare?
 
If you spend enough time shopping around on the local housing market, you might come across a few homes where your agent tells you it's back on the market because financing fell through. In other words, the last people who tried to buy it failed to get pre-approved before making an offer on their dream home.
 
What Is A Pre-Approval?
 
If you want to avoid issues with your financing, you need to go ahead with the pre-approval process. Basically, before you ever even find that perfect home, you're going to go to your lender and ask them to get the ball rolling. What they'll do is begin collecting all the paperwork they need to verify your income, make affordability calculations, and ultimately fund your mortgage.
 
During ... more

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