The Mortgage Pre-Approval Process
For most Buyers, purchasing a home will require some type of financing. The mortgage pre-approval process seeks to help you understand what type of financing is needed, the down payment requirements, and look out for any obstacles, such as an error on your credit report, which may prevent successful financing.
The mortgage pre-approval process should take place prior to physically touring homes for sale as it’s helpful for all parties (Buyer and Realtor) to know what will be required to purchase.
The process itself takes just a few minutes and asks questions like:
- Gross monthly income
- Recurring debt obligations (student loans, child support)
- Amount in savings
- Available funds for a down payment
- Employment history
Once you have the mortgage pre-approval, you can shop for a home with confidence knowing that.