HOW TO GET PRE – APPROVED FOR A MORTGAGE
- GATHER YOUR FINANCIAL INFORMATION.
You will need to provide documentation of your income, assets, and debts. This includes tax returns, bank statement and credit cards statement.
- SHOP AROUND FOR LENDERS
Look for lenders that offer competitive mortgages rates and terms. You can compare rates from multiple lenders top find the best deal.
- SUBMIT A MORTGAGE APPLICATION.
Once you have found a lender you want to work with, you need to complete a mortgage application, this includes filling out a form with your personal and financial information with supporting documentation.
- GET A PRE- APPROVAL LETTER.
If the lender approves your application , you will receive a pre- approval letter . this letter will include the amount of money you have been approved to borrow and the terms of the mortgage.
- USE THE PRE – APPROVAL LETTER TO MAKE AN OFFER ON A HOME
When you find a home you want to buy , you can use the letter to show the seller that you are a serious buyer.this can help you stand out in a competitive market and makes it more likely that your offer will be accepted.