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How To Get Approved For A Mortgage

How To Get Approved For A Mortgage

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How And Why To Get Pre Approved For A Mortgage

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Getting pre-approved for a mortgage is the first big step toward home ownership. And getting pre-approval in advance will make everything else easier.

No real estate agent will take you seriously unless you show that you are qualified. And as valuable as your pre-approval is to the seller, it’s even more important to you.

Home Loan Process

Your pre-approval shows how much you qualify for and is an important part of what you need to buy a home. It gives you an estimated monthly mortgage payment so you can budget and determine how much you want to pay for the home.

So, let’s talk more about how long pre-approvals are valid and when you should get them.

The pre-approval process considers your financial situation (credit score, income, assets, etc.) to determine your loan size and interest rate. Additionally, you will get an estimate of the monthly home payment, which is important for budgeting.

How To Get Approved For A Mortgage

A pre-approval lets buyers know how much home they can afford and provides the information they need to determine how much to buy.

Interest Only Mortgage Pre Approval: Getting Ready To Buy A Home

Indoor hunting also requires prior permission. Offers will not be taken seriously unless they are pre-approved for a mortgage by the seller and real estate agent.

Interest rates are constantly changing, credit scores are updated monthly, and your financial situation can change over time. All of these factors can affect your maximum purchase price – for better or worse.

If you still haven’t found a home when you approach the 90-day window, call your mortgage professional and tell them you want to renew your pre-approval.

You will provide updated documents. They will review your credit report and double check all information. They will let you know if there is a positive, negative or no change. And you will be given a new pre-approval letter for house hunting for another 90 days.

Free Mortgage Pre Approval Letter

Getting pre-approved for a mortgage only takes a few minutes and can be done online, over the phone or in person – whichever you prefer.

You need to get pre-approved for a mortgage before you start looking for your home. That way, you’ll plan your purchase more efficiently and you’ll always be ready to make a serious offer when you find a home you like.

Estimated payment, interest rate, down payment amount and loan size are some important information you get with pre-approval. It’s all important to consider the budget and how much house you want to buy.


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