Getting a mortgage loan pre approval letter is a great way to speed up the process of getting a mortgage. However, there are several important points to keep in mind. Whether you are buying a home or refinancing a current one, a pre approval letter can help you get the mortgage you need.
First, you will need to have your credit report ready. This will help the lender understand your financial situation better. You will also need to have your assets and debts in order. Credit reports can reveal red flags about your finances, including a history of bankruptcy. Also, if you have run up a lot of credit card debt, it could hurt your credit score.
Secondly, you will need to know how much you can afford to spend on a home. Your budget should be at least a little bit more than the sales price. If you find that your budget is not enough to pay off the loan, you can look for other funding sources.
Lastly, you will need to submit your mortgage application to the lender. This can be done online or by mail. Generally, the process takes about 24 hours or less.
Once the lender receives your application, they will send it to an underwriter. This person will look over your loan file and determine the amount you are eligible for. You will also be provided with an estimate of the funds that you will need to close the loan. This includes your down payment and origination charges.
SITES WE SUPPORT
SOCIAL LINKS