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How to Get Pre -Approved for a Home Mortgage Loan

There’s a challenging competition in home buying. If you don’t have the documents that prove your trustworthiness as a buyer, you will be dropped from the list and end up not winning the game. That’s why getting pre-approved for a home loan is important to increase your appeal to home buyers. It's like opening the door towards purchasing the home that you deserve.

The pre-approval process takes place once you have decided to entrust the lenders to take a close look on your information for evaluation. They will check your credit score and income records to verify if you qualify for a loan. Once you pass that, they will then grant you a pre-approval letter which tells you that you are eligible for the loan you applied for. After which, you can now make a purchase offer with a realtor and submit necessary documents such as the purchase agreement, proof of employment, social security number, credit information and bank account.

What Does Pre-Approval Mean?
Pre-approval means the lender is giving their trust and confidence in you that you deserve to purchase a home because of your ability to make necessary payments such as the down payment and monthly mortgage on top of your regular expenses. Although, your property still needs an appraisal to ensure that its value offers sufficient collateral amount equal or more than the purchase home.

What are the steps you need for a mortgage pre-approval?
As mentioned above, one of the important pre- qualifying requirements is your credit score. At this point, you will know what kind of loans you may qualify for and how you can settle issues on the report before buying a home.

Income History - Apart from a good credit standing, you also must get ready of your income history. For home equity and refinance, you'll need at least 2 years of work history; and for doctor loan, it's optional.

Assets - Your lender will also likely want to see your asset information. This includes your properties and investments you’ve made and remittance money or if someone is giving you money which is written in document can be reported as asset.

Personal Information – You’ll need to bring a valid identification information (a driver’s license or passport) and will need to provide your Social Security Number for a credit check. You can help the lender to easily pull out your information on their own so you don’t have to bring it with you. Your information is secured and safeguarded.

What is the importance of getting Pre-Approved?
When the time comes that you’re ready to purchase a home, both your real estate agent and seller will ask to see your pre-approval letter. As mentioned previously, it’s the key towards purchasing a home. The document proves that you are capable and eligible to make a down payment and pay monthly mortgage. There is a high competition in the housing market and sellers prioritize pre-approved buyers because it’s easier to close the deal.

What are the stages of Mortgage Loan Application?
There are three basic stages of Mortgage Loan process that you need to understand and undergo before you get successfully approved.

Pre-Qualification – Getting pre-qualified is the first step towards your loan application. You will be interviewed by mortgage professionals about your assets, income and expenses. This process allows you and your lender to assess how much you can afford. It gives you an insight whether you are ready for a financial change or not.

Pre-Approval – The next stage is getting pre-approved. A lender has investigated your financial status, credit score, employment and income history to determine which loan you are qualified for, how much maximum amount they can lend you and the interest rate you’ll be offered.

Please see above for the requirements.

What are the steps you need for a mortgage pre-approval?

Mortgage Commitment -
After both you and the property you want to purchase received an approval, the lender will then issue a loan agreement. By this time, all necessary documents have been verified that you’re willing and able to pay the loan. Your loan officer will then forward your application to the underwriter. The underwriter will return with a decision of any of these four: Approved, Approved with Conditions, Suspended (meaning you need to provide more documents to make a final decision) or Denied.

The process of getting a pre-approval for your mortgage loan is crucial. Even if you have sworn to have provided all truth in your word and background, having substantial documents of your dependability increases the appeal of your purchase offer for most sellers.

Written by Ruth Smith on Aug. 12th, 2016

Why Physician Loans are being offered?

Doctor Loan or referred as Physician Mortgage is a type of loan for Doctors, Physician in Practice and Residents who are not being qualified for conventional loans. Traditionally, doctors are high risk lenders due to short work history, have significant amount of student loan debt and have small savings. Doctor Loan common are features low down payments, no private mortgage insurance, low interest on jumbo loans and 90 days move in prior start of new employment. 

Written by Ruth Smith on Feb. 8th 2018

What is Home Equity?

Home equity is an asset that comes from a homeowner's interest in a real property. This is the difference between the property's market value and outstanding loan balances. Home equity can increase over time as the homeowner makes payment of the loan balance or the market value increases.

Written by Ruth Smith on Oct. 12th 2015

7 Critical Questions to Ask Every Real Estate Agent Before You Sign Anything! 

1.) How many years have you been a full-time, licensed real estate agent or broker ? Helpful Hint: Longer is better.

2.) Do you have a specific plan to get my home SOLD within 90 days or less? Helpful Hint: Don’t hire anyone that does not have a plan to get your home SOLD! 

Credits to

Top Tips For First-Time Home Buyers

Considerations Before You Buy
What type of home best suits your needs? ..

Written by Ruth Smith on Oct. 12th 2015

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