Mortgage Pre Approval - Key To Accepted Offers

home buying | mortgage | refinance

By paying attention to mortgage pre approval, a crucial step in buying a home, you have discovered the key to accepted offers.

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Since most of us are pressed for time, why would I suggest bothering with mortgage pre approval? In fact, why not cut corners and bypass it altogether! Let me tell you why.

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. 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.

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