Mortgage Pre-Approval – Is it Important?

In this article

1. Getting Pre Approved for a Home Loan
2. Why is a Home Loan Pre Approval so Important?
3. How to Get Started

Getting Pre Approved for a Home Loan

Before you start your home buying journey, the first thing you should do is get a mortgage pre-approval.

Why? Getting pre-approved gives you peace of mind knowing how much you can borrow and what your payment will be for the homes you like. That’s why getting pre-approved for a mortgage is a prudent thing to do before you start your home search.

This amount you can borrow is based on a number of factors. Basically it’s your gross income divided by the payments on your credit report plus your new mortgage payment. A mortgage pre-approval is usually valid for 60 days and guarantees your financing is in place when you find the perfect home.

Why is a Home Loan Pre Approval so Important?

Once you hire a realtor they’ll need the mortgage pre-approval letter to start showing you homes you are interested in. Besides you’ll feel more confident that you can negotiate the right offer knowing your mortgage pre-acceptance is in place. If you need a recommendation for a proven trusted realtor be sure to ask your mortgage advisor.

While it doesn’t absolutely guarantee that your mortgage loan will be approved, getting mortgage home pre-approval upfront is smart for these reasons:

• You can make a fast, confident offer on your ideal home
• Get the home you can afford
• You can lock in a rate to protect yourself once you find a home.
• The rate’s guaranteed through the contract closing date.

Set your budget knowing what the term, amortization, and mortgage payments will be at time of approval.

For a step by step guide to prepare for your pre-approval grab the ebook “Simple Steps To Getting Home Loan Ready” Click the image below to download.

How to Get Started

Click the link to start the pre-approval process online now and have a licensed mortgage advisor start reviewing your application to determine how much you can borrow.

Or if you want to speak to a mortgage advisor now you can call (404) 238-7888

Documents to have for your first meeting on the phone:

• 2 most recent W2’s (if you are self-employed, at least two years of tax returns)
• 2 most recent pay stubs
• 2 most recent bank statements (all pages) to show proof of down payment