Preapproval For Mortgage

by Walt
(Portsmouth, Virginia USA )

Ask Kate about the importance of preapproval for mortgage success: Kate, The other day a Realtor would not show my daughter any property because of her limited income.

Walt continues... But she has some settlement money in the bank and a part time job. Also she owns and lives in a condo. So how should she pursue buying another house? She will most likely sell her condo. THANK YOU!

Kate Answers: Preapproval For Mortgage

Dear Walt,

There's an easy way to solve this with your Realtor. Your daughter needs preapproval for her mortgage before shopping for a house.

Now it's true that lenders have tightened up lately and creative mortgage programs have diminished in number. But I would never tell you that your daughter can't get a mortgage on part-time income, especially with a significant savings.

For the nitty gritty on mortgage preapproval, check out my two articles -- Mortgage Preapproval - Insist On Nothing Less and Mortgage Pre Approval - Your Dress Rehearsal.

Ask your Realtor for a mortgage lender referral to get the ball rolling. I guarantee with a preapproval certificate in hand, any Realtor will be happy to show properties to your daughter.

I have also included additional mortgage help at the bottom of this page. I think you'll especially like my article on asking questions to find the best mortgage lenders.

Best Wishes,



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