Mortgage Pre-Approval: What You Need to Know
Thinking about buying a home? The first & most crucial step in your home-buying journey is getting pre-approved for a mortgage!
Getting pre-approved gives you a clear idea of your budget, shows sellers you’re a serious buyer & can make the whole process smoother and faster.
Steps to Getting Pre-Approved
Check Your Credit Score: A good credit score can get you better loan terms.
Gather Your Financial Documents: This includes pay stubs, tax returns & bank statements.
Determine Your Budget: Consider your income, debts, and how much you can afford for a down payment.
Choose a Lender: We can connect you with trusted local lenders.
Submit Your Application: Complete the pre-approval application with your chosen lender.
Get Your Pre-Approval Letter: This letter shows how much the lender is willing to loan you.
What to Avoid During the Pre-Approval Process
Don’t Make Large Purchases: Avoid big-ticket items like cars or furniture until after you’ve closed on your home.
Don’t Open New Credit Accounts: This can affect your credit score and debt-to-income ratio.
Don’t Change Jobs: Stability is key, so try to avoid job changes during this period.
Don’t Close Credit Accounts: Keep your accounts open to maintain your credit score
If you have any questions about the home-buying process or would like to get your journey started today, call/text 562-637-3709
