Your All-Inclusive Guide to Mortgage Preapprovals - MortgageDepot
Your All-Inclusive Guide to Mortgage Preapprovals - MortgageDepot
Abstract
Developing your wish list, browsing homes, embarking on a new adventure Wouldn't it be nice if you could forget the mortgage application process and focus on the fun? While you can't ignore the business end of buying a home, there are things you can do to lighten your load. One step you can take is to get a mortgage preapproval before you start shopping for a home. What Is a Mortgage Preapproval? A mortgage preapproval letter tells you approximately how much money you can borrow to purchase a home. Why Is a Mortgage Preapproval Important? It's tough to compete in the real estate market without a mortgage preapproval. Going through the mortgage preapproval process will allow you to iron out any issues that might delay the final mortgage application. What You'll Need for a Mortgage Preapproval If you're ready to get preapproved for a mortgage, you can move the process along by gathering the things you need ahead of time. Here's a list to help you get started: W-2 statements or other income documentation Recent pay stubs or another acceptable document to verify your employment Bank statements for all applicable accounts Driver's license or state identification card Social Security number Other documentation about your credit history or debt-to-income ratio requested by your lender Timing Your Mortgage Preapproval Mortgage preapprovals are usually valid for up to 90 days. Contact Us Today! Are you in the market for a new home? Don't start your house-hunting journey without talking to a mortgage professional! Contact us at MortgageDepot today to begin the preapproval process.