Pre-approval The first step towards buying a home is determining how much you can afford. As soon as you start actively looking for a home, you need to talk to a qualified mortgage loan officer. I can connect you to a couple of local officers to discuss your options with you. There are two sections to any mortgage application: you as the buyer and the property. A pre-approval is a credit commitment based on your financial situation, given by the lender’s underwriter. A credit approval requires documentation of all assets, income, debt, and credit history. A maximum mortgage amount and interest rate will be determined by analyzing the documentation you provide. The pre-approval is conditional, requiring an executed Purchase and Sale Agreement and satisfactory appraisal on the subject property. After you have submitted the required paperwork, this should take no more than one working business day depending on the type of mortgage for which you have applied. This is often taken over the phone, and may need only a signature depending upon the lender or program. In today’s market, the vast majority of Buyers are pre-approved for a mortgage when they make an offer to purchase. You will be able to compete if you also make an offer while pre-approved. Because all conditions to the approval are listed on the pre-approval letter, the Seller can see just how strong a Buyer you are. Pre-approval The first step towards buying a home is determining how much you can afford. As soon as you start actively looking for a home, you need to talk to a qualified mortgage loan officer. I can connect you to a couple of local officers to discuss your options with you. There are two sections to any mortgage application: you as the buyer and the property. A pre-approval is a credit commitment based on your financial situation, given by the lender’s underwriter. A credit approval requires documentation of all assets, income, debt, and credit history. A maximum mortgage amount and interest rate will be determined by analyzing the documentation you provide. The pre-approval is conditional, requiring an executed Purchase and Sale Agreement and satisfactory appraisal on the subject property. After you have submitted the required paperwork, this should take no more than one working business day depending on the type of mortgage for which you have applied. This is often taken over the phone, and may need only a signature depending upon the lender or program. In today’s market, the vast majority of Buyers are pre-approved for a mortgage when they make an offer to purchase. You will be able to compete if you also make an offer while pre-approved. Because all conditions to the approval are listed on the pre-approval letter, the Seller can see just how strong a Buyer you are.
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