Georgia Mortgage Approval

 

 

Getting a mortgage loan approved is the biggest milestone towards acquiring your own 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 Georgia mortgage approval? Moreira Team can help. Contact us for detailed information or assistance in getting your mortgage approved.

Here’s a very brief overview of the house buying process in Georgia. You will start by searching for a house of your liking. If you find one, you will need to get pre-approved for a mortgage to show the seller that you are serious about the purchase and you can get financing. After getting a pre-approval letter, you can go ahead and make an offer. If the seller accepts your offer, you can now focus on getting the mortgage loan approved. You actually need to do that fast so that other interested buyers don’t beat you to the bid.

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. Just give us a call and we will help you with that).
  • The appraisal report
  • Employment history
  • Tax returns
  • The general state and value of the property you are trying to purchase

That means you need to put all those things in order. If you want to know the specifics of how to ensure your mortgage is approved please contact us and we will give you a detailed guide.

 

 

Georgia City Mortgage Service Areas