How to Get Pre Approved For Your Mortgage

Belair home loan

If you are looking to get a home loan in the Belair area, the process does not need to be difficult if you know what it is you need to do. While the belair home loan process may seem over whelming, if you follow a few key tips, you will have a mortgage in no time.

the first step in landing a home loan is obtaining a letter of preapproval. This means a mortgage lender has verified that you re approved for a mortgage of a certain amount over a fixed time frame. A preapproval letter shows the seller and the seller s agent that the buyer is capable of buying their house. For most sellers, the issue is not whether they can get an offer, but whether they can close the deal.

Your first step in seeking preapproval, talk to a few different mortgage lenders to find the best mortgage package that suits your needs. Two or three belair home loan lenders is a good place to begin. That way, you will not be too overwhelmed with information, but you will still be able to compare and contrast.

Be sure to have your financial history ready to share. Without it, it is unlikely you will be approved for any belair home loans. Your lender should tell you precisely what you need, but be prepared to include: W2 statements (or 1099 income statements) for the last two years, Federal tax returns for the last two years, Bank statements for the last few months, Recent pay stubs and proof of other income, and Proof of investment income.

Finally, watch your credit score. Typically, a loan inquiry can ding your credit score. However, the credit scoring models are designed to allow for mortgage loans. The score ignores mortgage, auto and student loan inquiries made during the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won’t affect your score while you’re rate shopping.

Finding a belair home loan does not need to be difficult if you are well prepared, so do your research. Compare loan officers, have your financial history available, and be sure to watch your credit score. With these tips in hand, you will be approve in no time.