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Why Does Getting
Pre-Approved Matter? Getting Pre-Approved shows Sellers and Listing Agents that you are a serious buyer. A Pre-Approval letter from your mortgage professional lets everyone in the process know that you have done the initial leg work to obtain a mortgage and you are able to afford the home you are putting an offer on. Not only will the sellers have peace of mind, you get valuable insight into what purchasing a home is going to cost right now and in the future. Don't go house hunting without a Pre-Approval letter from your lender.
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Borrowers Who Get Pre-Approved Know
- How Much Home They Can Actually Afford
- What Interest Rate They Can Expect To Receive
- The Different Loan Programs Available To Them
- What Closing Costs Are Associated With Their Purchase
What Does Your Mortgage Professional Look For?
When it comes to your loan application, your mortgage professional will focus on 3 main qualifiers: your Credit Worthiness, your Debt-To-Income Ratio, and your Reserves Available. These three qualifiers will be used to determine if you are able to obtain a mortgage. Click on any of the three qualifiers to find out exactly what they are and how they affect your application.
Credit Worthiness
We'll get scores from 3 credit bureaus. We will use the "Middle Score" to qualify.
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Debt-To-Income Ratio
Your monthly liabilities divided by your monthly income.
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Reserves Available
How much do you have for a Down Payment? Can you cover Closing Costs?
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