A pre-approved mortgage helps you get the best deal on a home, because it is similar to presenting a cash offer. The seller knows for certain that you will qualify and can follow through and buy the home. Here are the first steps to pre-approval:
- Call and set an appointment with a trusted mortgage professional, in these times, preferably a mortgage banker, as opposed to a broker. Be sure the lender is a local Atlanta area mortgage lender.
- Review a Good Faith Estimate—a breakdown of your mortgage which includes an estimate of the interest rate and payment. Ask about any fees or costs which do not appear on a Good Faith Estimate. And yes, there are some in many cases.
- Determine with your lender not just the maximum amount that you qualify for, but the max that you are comfortable paying each month.
A pre-approved mortgage also helps keep you from looking for homes out of your price range and allows you to make an confident offer when you find your dream home.
Also know that a pre-approval is not the same as a pre-qualification, which is a very loose estimate based on several hypotheticals. A pre-approval is a full credit approval and gives you a concrete loan amount that the lender has approved for you.
Here are a few things you will need in order to get pre-approved:
- A copy of your most recent 2 months bank statements (checking, savings, and other accounts)
- Documentation and current balance of any retirement accounts (401k, IRA, etc.), mutual funds, etc.
- Two years most recent W-2
- Two most recent paystubs from your employer
- Driver’s license
Call today to set up your pre-approval meeting. Or, you can begin by filling out this secure loan application.
Related posts:
