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What Is the Pre-Approval Process for a Mortgage?

By Doug Campbell

Real Estate Agent with Keller Williams Realty SL3189823

April 10, 2015 03:14 AM

Everyone knows that you need to be able to qualify for a mortgage, if you are not a cash buyer, when it is time to buy a home. What it seems that everyone does not know, is what is the mortgage process? Here, Gwen Campbell with Sun Bay Realty Group at Keller Williams Realty talks with Brian P Forrester of VanDyk Mortgage to explain what to expect in the pre-approval process.

Stay tuned. We'll have another interview on what happens once there is a contract and the next steps in the mortgage process.

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Troy Erickson AZ Realtor (602) 295-6807

HomeSmart - Chandler, AZ

Your Chandler, Ahwatukee, and East Valley Realtor

Doug - As well as income and assets, a lender will also look at debt. They will want to know things like credit card monthly payment and total debt, car payments, student loans, etc. These should all show up on a credit report that the lender will run. Then the lender will look at the ratio between the income and debt to see what loan programs a buyer may qualify for.

Apr 10, 2015 06:48 AM