How to get Pre-approved
You have decided that is time to buy a new home. You feel that it is time to get out and start looking online or visit open houses but before you do this you should get ready, you do not want to fall in love with a home and find out that you are not able to qualify for it.
The first concern that all future home-buyers should have is How to get Pre-approved for a mortgage . This process is FREE with the majority of reputable lenders.
When you’re pre-approved for a mortgage, the home-buying process goes much smoother. By knowing in advance what you can afford and how much financing a lending institution is willing to offer you; will save you time, you will not lose the opportunity of putting an offer on that dream home. Most professional Real Estate Agents will not take any buyers out to view properties without a Pre-approval letter.
Click to download a list of the document that your lending institution will be requesting to give you a Pre-Approval letter
A loan officer will need documents on the checklist, in some circumstances more documents and proofs may be needed
A knowledgeable mortgage loan officer should be able to offer guidance and give you the answers to the most important home-buyer questions
- What mortgage products are available for my financial situation?
- Can I be approved for a Mortgage
- In what price range should I look for a property?
- What will be my monthly mortgage payment?
- How much money do I need for a down payment and closing costs?
How to get Pre-Approved
To start the pre-approval process a mortgage loan officer will ask for personal information such as the applicants social security number, current home address, employer information and other documents that will allow the financial institution check your financial history. This will allow them to give you a “Pre-Approval” letter that states how much money you can invest in the purchase of a Home.
This process is necessary to place an offer on any active listing, and will give you and advantage in today’s competitive buyers market