3. How Can I Shop For A Home Loan?, Getting A Mortgage: Step by Step, Information Center
Getting Pre-Approved For A Mortgage
December 31, 2008 by Mortgage Align · Leave a Comment
Once you’ve been matched with a lender, it’s time to get a pre-approval for the loan amount you need. A pre-approval is simply a commitment from your lender to let you comfortably search within a given loan amount, which is not tied to a specific property. To be pre-approved, a lender must complete a review of your current financial status (gross monthly income) and debt information. When approved, the lender has determined your risk and decided that you have the ability to pay back the loan. Ask your lender for a pre-approval letter and give it to your real estate agent. This will make potential negotiations between you and the seller a lot easier as they can see that a lender has cleared you for the sell price of the property.
