The Key Steps of a Mortgage Pre-Approval
MAR 12, 2018-1 MIN
The Key Steps of a Mortgage Pre-Approval
MAR 12, 2018-1 MIN
Description
<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/YJAioW7rdOQ?rel=0" width="480"></iframe><br />
<div style="text-align: center;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><i>If you’re buying a home with a mortgage, you absolutely need to get a pre-approval first. Here’s why.</i></span></div>
<div style="text-align: center;">
<i style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 15.4px; line-height: 21.56px;"><br /></i></div>
<div style="text-align: center;">
<i style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 15.4px; line-height: 21.56px;">Buying a home? <b><a href="http://www.mainehomeadvisors.com/" style="color: #600000; text-decoration-line: none;" target="_blank">Click here to perform a full home search</a></b></i></div>
<div style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 15.4px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<div class="MsoNormal" style="text-align: left;">
<span lang="EN"></span></div>
<div class="MsoNormal" style="text-align: left;">
<span lang="EN"></span></div>
<div style="text-align: center;">
<i style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 15.4px; line-height: 21.56px;">Selling a home? <b><a href="http://www.dejalett.smarthomeprice.com/" style="color: #600000; text-decoration: none;" target="_blank">Click here for a FREE Home Price Evaluation</a></b></i></div>
</div>
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">There's no doubt about it. It's a very competitive market today if you are looking to buy a home.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Inventory is near record lows, and more and more homebuyers are entering the market. This means <b>you need every advantage to grab that perfect home</b> when you do find it.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">One no-brainer is to get pre-approved for a mortgage. A pre-approval informs you of how much you can borrow and <b>it's something you will need to do at a later point anyway.</b></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">A pre-approval can mean the difference between having your offer accepted or having to watch your dream home go to somebody else in a crazy market like this.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">In spite of all these good reasons, <b>less than 10% of buyers who got a mortgage get pre-approved by the lender who originated the loan.</b> In other words, you can definitely get a leg up on the competition by starting your home search at the loan office rather than at the open house. </span><br />
<div class="quote-box">
<span class="quote quote-left">“</span><br />
<div class="quote-text">
A pre-approval definitely gives you a leg up on the competition.
</div>
<br />
<span class="quote quote-right">”</span></div>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Here are a few things that you will need:</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b>1. Proof of income.</b> At a minimum, lenders will want to see pay stubs from the past 30 days showing your year-to-date income, two years of federal tax returns, and two years of W2 forms from your employer.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b>2. Proof of assets.</b> You will need to present statements from your checking, savings, or investment accounts to prove that you have funds for the down payment and closing costs.</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;"><b>3. Good credit.</b> Most lenders reserve the best rates for homebuyers with a credit score of 740 or above. You can still qualify for a mortgage with a lower credit score, but a good lender will also recommend ways that you can improve your credit and qualify for a better loan. </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">These are the biggest and most common things you will need to get pre-approved, though your lender might want to see some other documents as well. </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">Once you are pre-approved, the buying process will be faster, more convenient, and less stressful. Most importantly, it will make it more likely that your offer for that perfect home gets accepted. </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<span style="font-family: "arial" , "helvetica" , sans-serif;">If you have any questions for me or need any additional assistance, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.</span><br />
<div>
<br /></div>