Home Buyer Mortgage Pre Approval
Dress Rehearsal for Buying a Home

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.

Mortgage Pre Approval Pointers

  • Ask your lender for a credit check combining the three major credit reporting agencies and all three credit scores.
  • Expect to supply pay stubs, tax returns, W2s and bank statements. It's a hassle I know but you want them reviewed, just like your credit history and credit scores. Keep in mind, now is the time to sort through unexpected matters.
  • Request good faith estimates to compare rates and mortgage closing costs. Ask at what point you can lock in your interest rate. But don't stop there. Get the rate lock policy in writing.

Mortgage Pre Approval Certificate

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.

Prime Real Estate Articles Tip No.53
Home Mortgage Application | Housing Expense

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.

Understanding Mortgage Applications

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

View FNMA 1003

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A Gold Mine Of Homeowner Help From Ask Kate

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Roadmap At Prime Real Estate Articles

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