What Is A Mortgage Pre-Approval?

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Mortgage rates are at an all-time low!  This environment creates an opportunity for first-time homebuyers, those looking to upsize/downsize or simply looking to relocate to find a home of their dreams.  Those of you that are thinking about this should understand what a mortgage pre-approval is and how it may benefit you.  Keep in mind, a pre-approval is different than a pre-qualification.

A mortgage pre-approval and the process of obtaining one is similar to the process needed to obtain the mortgage.  The pre-approval will turn to a final loan approval once you find the home, have an appraisal done and it is confirmed that the loan as applied can be used for the property.  This is the final hurdle that will be needed to allow you to move forward with the purchase.

The lender you choose to work with will require you to submit proof of income, proof of assets, obtain a credit report showing that you have good credit, employment verification, and perhaps other documentation.  This process will provide you with an accurate view of what size mortgage you could obtain and save you a great deal of time once you locate your home.

In addition to the benefits stated above, having a pre-approval can also provide you with an upper hand when looking for a home in a competitive market.  The pre-approval will show the seller that you have done your homework, are far along in the process, have an accurate idea of what you can afford, and that you are a serious buyer.  When evaluating similar offers this can move you to the top of the list because it will provide the seller with the comfort that this could be a quicker and easier sale vs. other buyers that have not completed this level of due diligence.

It is recommended that you work with a mortgage professional to help you navigate this process.  You do not want to wait until you find the home to begin.  Start this before you begin to look for the home to make sure that your financial situation, based upon the documentation noted above, will support the homes you are looking to purchase.

We would be happy to discuss the mortgage pre-approval process and why it is so important to start early.  Just contact us, Mitlin Financial, at (844) 4-MITLIN x112 to schedule a time to discuss. Be sure to share this article with friends, family, and business acquaintances who might be interested too.  We look forward to helping you, and them, get on the right path and stay there.

This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult your financial advisor.

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