If you're about to seek approval for a mortgage, you'll want to ensure you have a solid credit score and clean financial records to boost your likelihood of being approved. There are certain characteristics that lenders want to see in a mortgage applicant before they agree to give a loan, and you want to prove that you're a responsible borrower. But certain behaviors can easily tank your application and crush your home ownership dreams. Before you seek approval, make sure your finances are in … [Read more...]
Did You Know? Why a Mortgage Pre-qualification Meeting Might Be Your Best Use of 5 Minutes
If you're in the market for a mortgage, you may want to set up a pre-qualification meeting with a mortgage professional. Even if you're not 100% sure who you'd like to apply for a mortgage with, pre-qualification can still be a valuable step to take. And given that it only takes a few minutes, it's something every potential homeowner can do. So why should you go to a mortgage pre-qualification meeting with a mortgage lender? Here are just a few reasons why it's a great idea. It'll Give You A … [Read more...]
Critical Documents That You’ll Need to Have Ready Before Applying for a Mortgage
If not done properly, applying for a mortgage can be stressful and time consuming, but with the right preparation the entire process can be seamless. Here are some crucial pieces of information that almost any lender will require before approving a mortgage. Tax Information From The Previous Two Years One of the most important documents a borrower will be asked for is their federal tax return along with a signed Form 4506-T, which will allow the lender to contact the IRS directly for their … [Read more...]
A Step-by-step Guide to Preparing Your Finances for the Mortgage Pre-approval Process
Being pre-approved for a mortgage isn't just a way to get a step ahead, in many cases it's a necessity to buying a home. Many sellers don't want to go through the negotiation process of selling their home only to have the buyer drop out when they can't get approval for the mortgage they were relying on. The Difference Between Pre-Qualification And Pre-Approval Pre-qualification is a faster process than pre-approval and is usually a best estimate based on how the borrower answers certain … [Read more...]
