How To Be Pre-Approved For a Mortgage & Close Successfully

If you are a first-time home buyer you must know that it's critical to apply for a loan before shopping for a home, and it's true; this is an essential first step. If you are looking for a home, whether it is your first home or your fifth, you will need to deal with a home mortgage loan sooner than later. Since you have to deal with getting a mortgage anyway, it is a very good idea to get pre-approved for the mortgage you need before you begin shopping for a home.

Another important step to be successful in purchasing a property is to know what it takes to qualify and what you must not do before you get a home loan.

We will guide you in the process to pre-qualify and qualify for a home mortgage. One major advantage of getting pre-approved for a home mortgage loan is that it gives you a firm idea of how much you can borrow, or if you can even qualify for a home loan.

If you know how much you can borrow and how much you have for a down payment, you can easily set a maximum price as you search for a home. You will not waste countless hours looking at homes, only to find out afterwards that you cannot afford the mortgage.

Home sellers will also take any offer you make more seriously if they know you are pre-approved for a home mortgage. Pre-approval is a tremendous help to the seller and the realtor, and a great indicator of how successful you will be in purchasing real estate

Steps To Successfully Obtain a Pre-approval For a Home Mortgage.

The mortgage lender will need to verify all income information provided by the home buyer, so it is important to bring along tax returns, pay stubs and other information to support the income you are claiming. The mortgage lender will also want to see W-2 forms for the past two years, pay stubs from the last three months and bank and brokerage statements from the last three months.

When getting pre-approved you may get a letter stating how much money you can borrow. Your lender will pull your credit report and find out what your financial liabilities are. However not everything is varied at that time. Assets and income will be verified when you submit the final mortgage application.

Being pre-approved is not a guarantee that your mortgage application will ultimately be accepted. The home you are purchasing, work term and stability of employment, and economic factors will all factor into the final decision your mortgage lender will make. If you have gotten a pre-approved application you are certainly less likely to have a problem getting your financing in order. Being pre approved for a mortgage before house hunting will make the process go faster and can save you money.

Credit Dos and Don'ts Before Purchasing a Home.

You can try to improve your chances of qualifying for a home loan by saving more for a bigger down payment, but your credit score is the most important factor in determining what interest rate you will pay, or whether you can even qualify for a mortgage.

Your credit score, commonly known as the FICO score, is derived from your history of taking on debt and paying it off. Make the wrong financial move in the weeks before you apply for a loan to buy or refinance and you could wipe out your chances of getting a mortgage for your home.

FICO scores range between 300 and 850, with the highest reflecting the best credit risk. Unless you are a first-time buyer or have a large down payment, lenders will want to see a FICO score of 680 or higher.

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