Think of your mortgage pre approval as a dress rehearsal, a trial run, the opportunity to get your ducks in a row before you drive all over town shopping for a home that might exceed your price range. Additionally, are you aware that your competition is taking advantage of mortgage pre approval?
So don't get caught in the unenviable position of making an offer on a rare dream house, only to lose to another home buyer who already completed this process.
Going through the process of mortgage pre approval includes credit reports and determining down payments. It affords the opportunity of learning about loan programs and narrowing down a price range without the being under the pressure of closing dates.
Many sellers ask for mortgage pre approval certificates before entertaining offers. It's no wonder. Put yourself in their shoes.
They've purchased another home and are preparing to move. Ensuring their prospective home buyer is qualified before entering into a contract is understandable and commendable.
So do yourself a favor by placing "pre" before "approval" and take advantage of mortgage preapproval, with the first 6 steps in the home buying process. Visit with your lender BEFORE you shop. By investing a little bit of your time, not only will your seller thank you, you will thank yourself.
The monthly housing expense category on the home mortgage application is where you enter your current rent.
Or if you already own a home, divide up the monthly amounts for first and second mortgages, homeowner's (hazard) insurance, property tax, mortgage insurance and association dues.
The space for the proposed payment should be left for the lender to complete.
Take the guided tour with Kate's unique tips for filling out your home mortgage application...
Coborrower | Responsibility | Loan Type | Appraisal | Rates/Terms | Address/Units | Legal Description | Year Built | Purpose | Usage | Construction | Refinance | Title 1 | Title 2 | Fee Simple | Down Payment | Name | SS Number | Phone Number | DOB/Education | Address | Employment | Income | Housing Expense | Assets | Liabilities | Real Estate Schedule | Transaction Details | Declarations | Acknowledgement | Government Monitoring | Application Interview
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How To Buy A House - Tips On Buying A Home
Refi Tips - Refinancing Your Mortgage
How To Get A Mortgage - Home Loan Help
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Buying a First Home from Mortgage Pre Approval
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