Mortgage Preapproval

Buying a house is exciting.
It’s easy to imagine your life in a new place. But before you start picking out furniture, it is smart to get an overview of the steps for buying a house. Finding the right home loan and the right mortgage lender for your situation is crucial to successfully buying your dream home.
While every purchase will vary, the following are the basic steps for buying a house.
• Finding the right lender to walk you through the mortgage process. Finding the right lender to walk you through the mortgage process. You want a LOCAL lender who is experienced and knows the local market. Avoid internet lenders and big banks for the best experience.
• Understand your finances, credit score, and credit history - Your credit score can impact whether your mortgage application is approved and the interest rate you can qualify for. The best mortgage interest rates typically go to borrowers with good to excellent credit. And lower interest rates can mean smaller monthly mortgage payments. While good credit scores make getting a mortgage easier, borrowers with a lower credit score or a short credit history still have options.
• Another factor in loan approval is your debt-to-income ratio, which is how much income you’re bringing in versus the amount of debt you have. Lenders look at your gross income if you are a salaried or hourly employee.
• Get pre-approved for your mortgage. The Pre-approval Letter tells sellers and real estate agents that you’re serious about buying—and financially capable of making the purchase. Pre-approval can help you understand how much you can afford to spend during the home buying process, how much you can expect monthly payments could be, and what interest rate you could get. It can also help your offer stand out. Be sure you ask for a Pre-Approval rather than a simple Pre-Qualification. A Pre-Approval includes a full review of your credit, income and assets.

We partner with you to ensure you understand all aspects of the mortgage process, from pre-approval through closing, so that you can make an informed decision. After closing, we are still your lender and here to answer any real estate related questions as well as offering mortgage management services.