Georgia Mortgage Approval

Getting a mortgage loan approved is the biggest step you’ll take to getting into your home. Once you pass that step, you will get the money required to finance your home. In Georgia, a whopping 87.2% of all mortgage applications are usually approved. That is a pretty encouraging figure if you are thinking of owning a home in this southern state. But how do you get a mortgage approval in Georgia? Step one is getting in touch with a good Mortgage Lender.

Getting Pre-Approved for a Mortgage in Georgia

The most important step is to get pre-approved for your mortgage! This will show the seller that you are serious about the purchase and that you can secure financing. In a lot of cases a Realtor will encourage you to get pre approved before they will even start showing you homes. After getting a pre-approval letter, you can go ahead and start shopping and making offers on your favorite finds. If the seller accepts your offer, you can now focus on getting the mortgage loan approved.

Getting Approved for Your Mortgage

Of course, you have to apply for the mortgage first for it to be considered for approval. That involves filling and submitting mortgage application forms alongside other data collection forms (such as income statements, credit reports, and others).

The underwriter will evaluate a number of things to determine whether you qualify for the type and amount of loan you have applied for. They include:

  • Your credit score
  • Your income and assets
  • Your eligibility (for example for a VA loan you need a certificate of eligibility and for a USDA loan your house needs to be in a rural or suburban area)
  • Your debt-to-income ratio
  • How much down payment you have (don’t worry if you have zero down payment, you can still get your mortgage approved).
  • The appraisal report
  • Employment history
  • Tax returns
  • The general state and value of the property you are trying to purchase

Get as much of these things together as possible and if you need any help, a licensed mortgage professional will help you tie up any loose ends to make your approval go as smooth as possible.

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