The 3 Questions to Ask Your Lender During the Preapproval Process

Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

Buying a home is one of the biggest decisions you’ll ever make — and being prepared ahead of time with a preapproval letter can make the process a lot smoother. Getting a mortgage preapproval gives you a leg up in the buying process by showing how serious you are about purchasing a home and how much you can borrow.

Your lender will need some key information for you to get preapproved, such as proof of assets and income, credit history, and employment verification. Lending standards for new home buyers are tougher than they’ve been in years due to the pandemic’s impact on employment and the economy.

These tightened lending standards make it all the more important to stay on top of your mortgage preapproval. “People are going on furlough and losing their jobs, so it’s affecting the preapproval process. Extra overlays on top of traditional guidelines are happening now more than ever now because of COVID-19,” says Chris Devin, branch manager at CrossCountry Mortgage in Norwell, Massachusetts.

There are also implications to keep in mind even if you’ve already been preapproved for a mortgage. Things are moving quickly in the mortgage industry, so you’ll be wise to keep close communication with your lender to make sure you stay aligned. “If you’re already preapproved, make sure you’re checking with your lender that you [continue to] meet the guidelines,” says Devin.

 

Continue Reading on TIME

Articles linked to on this page are from third party sources. Opinions expressed by the authors may not be representative of CWM, LLC or its affiliates.

Share:
facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.
Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

RECENT POSTS

bool(false)
Array
(
    [showposts] => 6
    [paged] => 0
    [post_type] => post
)

College In The New Normal, Episode #12

As you might imagine, the college experience today is not what it used to be even a year ago. The pandemic and related issues have made the journey to college troublesome if not seemingly impossible for many students and their parents. Hans Hanson is focused on helping make the transition i …

What Is A Mortgage Pre-Approval?

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 …

Abundance Mindset with Justin Breen, Episode 11

Justin Breen is CEO of the PR firm BrEpic Communications and author of the No. 1 international best-selling Book, Epic Business. Justin is hard-wired to seek out and create viral, thought-provoking stories that the media craves. And he finds the best stories when he networks with visionary …

A Look Inside Romance with Austen Rachlis, Episode #10

Austen Rachlis is a writer and filmmaker living in Los Angeles. She recently directed and produced the documentary Naughty Books, which highlighted the ups and downs experienced by self-published authors in the romance genre. Austen is a regular writer for Wondery podcasts American Innovati …
1 2 3 80 81 82

Get in Touch

In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Schedule a Consultation