Mortgage Pre Approval
Get the idea about the process of being pre-approved for a mortgage
Understand the real difference between pre-qualified vs pre-approved…
Thoughtful first time home buyer usually start the process in a lender’s office, not an open house.
If you are looking for an idea of how much you may be able to finance to buy your home then pre-qualified is enough
But if you are a serious buyer and want to make sure that a lender make an actual commitment (subject to conditions such as a property valuation) then you need to be pre-approved for the mortgage loan.
By getting pre approved mortgage, you’ll find house-searching is much easier
By getting pre approved mortgage, you’ll save time, seeing only homes you can afford
By getting pre approved mortgage, real estate agents know you’re serious and ready to buy
By getting pre approved mortgage, the seller is more inclined to give it serious thought because you have solid financial backing.
By getting pre approved mortgage, your mortgage rate will be locked in against increases
In the mortgage pre approval process, you and mortgage lender will talk over your strategy, needs, mortgage amount, down payment and purchase price.
In the mortgage pre approval process, you’ll learn about the various available mortgage and consider which of them best suit your needs.
In the mortgage pre approval process, mortgage lender will take an information which require you to supply details on such items as employment, income, assets, liabilities …etc.
In the mortgage pre approval process, you’ll give the loan company authorization to acquire a credit bureau report.
There is no obligation from your part when you’re pre-approved, but you should still feel at ease with the amount and terms of the pre-approved mortgage.