HOW CAN I GET APPROVED FOR A MORTGAGE?
You’re in luck, we happen to be experts in this area. You can meet with any mortgage lender (i.e. your bank) and get pre-qualified at any time. Getting pre-qualified simply means a lender thinks, based on your credit score, income, and other factors, you should be able to get approved for a mortgage. It’s an informal and completely non-binding approval.
As you get closer to buying a home you’ll want to seek pre-approval. You can meet with a local bank, credit union, or mortgage broker. Or you can even get pre-approved online from any number of national online mortgage lenders.
Wherever you go, this pre-approval isn’t binding, but it’s a nice indicator of your ability to get approved for a mortgage. Most sellers will want to see a pre-approval within a couple days of receiving your offer.
There are a few things you will need to know before you apply, so take a look below.
WHAT WILL I NEED TO APPLY FOR A MORTGAGE?
Before completing a mortgage application or even strolling through an open house, you’ll want to know these things:
- Your monthly income
- The sum of your total monthly debt payments (auto loans, student loans and credit card minimum payments)
- Your credit score and any credit issues in the past few years
- How much cash you can put down
- How much house you can afford (Use our simple calculator to estimate this.)
These are all important questions that will be asked, and a mortgage lender will use to determine if you pre-qualify for a home purchase.