How do I get
pre-approved for a mortgage? - First step is to talk with your mortgage
broker. Your mortgage broker will discuss with you what you are looking
to do, take an application and look at your credit.
Your mortgage broker will usually run your credit and ask you to
state your income and asset information when determining a pre approval.
And with pre-approval, income, employment and assetts are verified
unlike being pre-qaulified where the mortgage broker will only pull
credit and get other information verbally.
When getting pre-approved for purchasing a home, the mortgage broker
will send a "pre-approval" letter, stating that you are approved
for the purchase of a home, up to a certain dollar amount. Then
you will know what size home (in dollars), that you should be looking
for.
Home buyers armed with a Pre-approval Letter is often looked upon
favorably by sellers because it shows that the homebuyer has taken
the time to get approved and is serious in finding a house. Moreover,
it shows the seller that this homebuyer will be able to procure
financing.
The pre-approval is not a commitment to lend. It is simply a letter
stating that, with the information you provided, you are qualified
for a loan for a certain amount. Should any information you provided
change, it may affect whether or not you qualify, or the amount
you qualify for.
Different states have different requirements regarding mortgage
loan approvals. Consult with your mortgage specialist to see if
your state has special laws or statutes regarding pre-approval.
