Five Steps to Mortgage Pre-Approval


 

Buying a home can be a very scary thing to do.  But you can make it a lot less terrifying if you talk to a mortgage lender before you start looking, so you know exactly what you can afford.  There’s nothing so disheartening as finding the home you love –seeing yourself living there, happily entertaining your friends -only to find out that its $50,000 more than you can afford.

Follow these simple steps to help you get pre-approved.  And remember, we’re here to help. So don’t be afraid to ask questions.



  1. Get your finances in order

    You must know exactly what’s in your credit reports; they’re an ongoing look at how you manage your finances. Get a free credit report from the three main bureaus. Check your report carefully. Many have mistakes, but the site will show you how to correct them. If your rating needs work, you’re not alone. Here are four tips for successful credit repair.

  2. Find a good lender

    Of course interest rates are important, but you also need to find someone you trust who will take the time to find the right mortgage for you. Talk to a few lenders, find one you’re comfortable with and resist using your second cousin’s best friend. Here are a few that walk the walk and don’t make empty promises.

  3. Find out how much house you can afford.

    You really won’t know this figure until you’ve talked to a lender, considered down payment options and reviewed closing costs. But our online calculators will give you an idea of what your monthly payments will be. Always tell your lender what payment you’re comfortable with; just because you can afford more doesn’t necessarily mean you should spend it. A good lender will never pressure you to borrow more or use a risky loan type.

  4. Gather all your paperwork

    You’ll need recent paystubs, bank, IRA, 401K statements and sometimes tax returns. It’s also helpful to have a list of all your monthly debt that you currently pay

  5. Time to get pre-approved!

    The lender will pull your credit scores from all three credit bureaus, verify employment history and also verify availability of funds for down payment.

    They should run all this information through an automatic underwriting system to double check that you meet guidelines. If your lender doesn’t do all of these steps, be wary. You could hit bumps down the mortgage approval road. 

 


Because we’re listening…we can help you choose the right lender.
Sometimes all you have to do is ask.

 

 

 


Home  |  Featured Listings  |  Mortgage 101  |  Home Search  |  Home Evaluation  |  Calculators  |  Marketing Plan  |  Testimonials  |  Utility Console  |  Logan Square  |  For Buyers  |  For Sellers  |  Resources  |  Neighborhoods  |  House and Home  |  The Team  |  Real Estate Reports  |  Closing the Sale  |  Home Styling  |  Why Hire a Professional?  |  Health and Nutrition  |  Art and Design  |  Primp My Home  |  Home Search - Style 1  |  Trusted Partners  |  Do not pay too much  |  4 points to succesful credit repair  |  Avoid Buyer Errors  |  Listing Contract  |  Agreement of Sale  |  Selling Your Home  |  Common Selling Mistakes  |  Pricing Your Home to Sell  |  Healthy Living  |  Food and Entertaining  |  Why Not Just Sell Your Own Home  |  Buyer's Toolkit  |  Home Inspection Checklist  |  Stain Removal  |  Backyard Pond  |  HUD-1  |  Make yourself Scarce  |  Seller's Toolkit  |  Home and Garden  |  Title Insurance Rate Chart  |  Dinner Party  |  Tips for grilling  |  Backyard Composting  |  Careers and Education  |  Settlement Checklist  |  Getting Your House Ready to Sell  |  Travel  |  Technology  |  Staging Spaces  |  New Buyer Worksheet
 

Privacy Policy  |  Site Map  |  Profile  |  Sign In

Choose language: