Mortgage Pre-Approvals

Get One Today…

It’s a very good idea to get a pre-approved mortgage before you start shopping. Many realtors will ask if you’ve been approved as it doesn’t make sense to spend hours looking at homes that you may not be able to purchase. I will initially pre-qualify you based on my knowledge of the lender underwriting process and then submit to the right lender for you based on your situation and needs. Not all lenders offer pre-approvals but some do and I have access to ones that will give you a written confirmation, or certificate, for a fixed interest rate. This confirmation will be good for a specific period of time (typically up to 120 days).

A pre-approved mortgage is not a guarantee of being approved for the mortgage loan as there is not an actual purchase and sale agreement on a property etc. That being said going through the application process up front will reveal any concerns prior to putting an offer in on a property. If possible I will help you overcome any concerns with your application in advance.

Keep in mind that there a difference between “pre-qualified” and “pre-approved”. 

In my experience, most banks that “prequalify” mortgage borrowers ask the following questions:

  1. How much do you make?
  2. How much do you owe?

The problem with these questions is that it doesn’t depict your entire situation including your credit history, employment history etc. Often people who have been “pre-qualified” find out after the fact that they’re not fully prepared to purchase a home. Unfortunately for them, they have invested time and money in finding a property – only to be disappointed. Allowing me to walk you through the full pre-approval process will give you a much more accurate depiction of your likelihood of being approved for a mortgage. 

Remember there is no fee for me to do this for you.

Some items that I will need from you:

  • Your personal information, including identification such as your driver’s license
  • Details on your job, including confirmation of salary in the form of a letter from your employer
  • All your sources of income
  • Information and details on all bank accounts, loans and other debts
  • Proof of financial assets
  • Source and amount of down payment and deposit
  • Proof of source of funds to cover the closing costs (these are usually between 1.5% and 3% of the purchase price)

Pre-approvals, like regular approvals, are subject to certain terms and conditions. These conditions usually include things like verification of income, verification of down payment, acceptable property type and location. (which of course can’t be determined until you actually make an offer)

Click here to see your options on how to start your pre-approval.

 

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