<listing id="pzjdh"></listing>
<var id="pzjdh"><strike id="pzjdh"><listing id="pzjdh"></listing></strike></var>
<var id="pzjdh"><strike id="pzjdh"></strike></var>
<var id="pzjdh"><strike id="pzjdh"></strike></var>
<var id="pzjdh"><strike id="pzjdh"><listing id="pzjdh"></listing></strike></var>
<var id="pzjdh"><strike id="pzjdh"></strike></var>
<cite id="pzjdh"><video id="pzjdh"><thead id="pzjdh"></thead></video></cite><var id="pzjdh"></var>
MoveMeTo.com Menu

Getting a Pre-approved Mortgage

Easily the two biggest questions that we receive on a daily basis in real estate is when should I get a pre-approval and what exactly is a pre-approval?

While both are excellent questions, let us see if we can clear the air on exactly what Pre-Approval is!

What is Pre-Approval?

In the simplest terms pre-approval is the process of having a bank or lender investigate your credit history and current financial circumstances to determine if you are a suitable candidate for them to offer you a mortgage / loan.

To break that down a bit further a bank / lender is taking into consideration your current financial situation which will include things such as:

  1. Assets -- Any current properties, vehicles, cash of items of significant value that you own.
  2. Debts -- Any open loans that your currently have regardless of size or purpose.
  3. Credit Card Debt -- Checking your credit card history to see if there is an amount being carried or paid off monthly.
  4. Income -- Current income to decide your income to debt ratios.
  5. Job History -- Length of time at your current job.
  6. Self Employed -- If you are self employed they want to understand more about you and your business.
  7. Credit Score -- Checking your credit history to determine risk.

Your lender of choice will review all of the above considerations and explain to you their concerns or interests based on each of these points.

They can often give you advice in advance of a full application of a mortgage to try and make the process as easy as possible when you have found your dream home! But what is all of this for? Once a bank can determine your credit fitness they will be able to give you an idea of what they would be comfortable lending you.

When should I get a Pre-Approval?

Without question this should be the first step in your home buying process, as this will form the search of your home.

Upon completion of the pre-approval your lender will give you an idea of how much they would be comfortable loaning you and at what percent they would want to loan it to you at. This is important as it:

  1. Gives you a Budget -- This will tell you what you can afford which will help us to form a realistic search and save you from falling in love with a house well above your price range.
  2. Offers Insight -- The pre-approval will give you insight into the realities of owning your home, including tax and monthly breakdowns for your mortgage.
  3. Brings Opportunity -- Having a pre-approval can significantly shorten your conditional period for financing as the bank would normally have to approve you and then the home. Being that they know you, they can often shorten the timeline significantly and save you money!

Have any further questions about Mortgages, the Pre-Approval Process, or how to get started today? Give our Mortgage Specialist a call today.

Mortgage Approval Specialist

年级的妈妈4