College Football

What to Expect When Getting Pre-Approved For a Home Loan

Published Thursday, October 9, 2008 by education60850 | E-mail this post

The process of obtaining a home mortgage can be confusing; especially for the first time home buyer and with all of the recent changes that have taken place in mortgage lending. The loan experience can vary from lender to lender but the basic steps are the same.

The first step in the process is to complete a loan application. This may be done either by phone, internet or face to face with your Mortgage Consultant. If you do not have a Lender your Realtor will typically have one they do business with and will refer you. The application asks for detailed personal information about you regarding your current and prior residence history, employment, income, assets and monthly debts.

Many people wait until they have found a home to start this process, however, getting preapproved can help you avoid falling in love with a house that you can not qualify for. Once you have completed the loan application the lender will access your credit file. After careful review of all the information provided a quick debt to income analysis can be done to determine what price range you should be looking at.

Your Mortgage Consultant can also help identify any potential stumbling blocks and tell you the best way to handle them. You will be required to provide documentation that supports the asset and income information that you provided on your loan application. You will be given a verbal or written list of the documents needed. These items will typically consist of bank statements, pay subs and W-2s. Tax returns may be required for self employed or commissioned borrowers or those individuals with rental properties. Divorce decrees and bankruptcy papers may also be needed if applicable.

Shortly after submitting your loan application the Mortgage Consultant will be able to give you the go ahead for you to start looking for a home. This may happen while pending a formal preapproval from an underwriter. If the Mortgage Consultant is not comfortable with your credit they may advise you to wait until an underwriter has reviewed the file and they have a formal approval.

You need to be prepared to provide a large amount of documentation and be patient as the process can take a while to complete but the rewards are worth it!

Consider Seville new homes for sale in Gilbert, AZ. Or maybe The Islands four-bedroom houses for sale in Gilbert are more suited to your taste.

Nancy Niblett is a highly successful Real Estate Agent specializing in the Gilbert area. She credits her success to hard work, integrity and honesty. Clients continue to refer her over and over again. Nancy is one of the most successful award-winning agents with Keller Williams Realty, East Valley.

Essay
Essay Writing
Thesis
Dissertation
Research Papers

College Football

What to Expect When Getting Pre-Approved For a Home Loan

E-mail this post

0 Responses to “What to Expect When Getting Pre-Approved For a Home Loan”

Leave a Reply

College Football: What to Expect When Getting Pre-Approved For a Home Loan

Previous posts

Archives