Pre-approved Mortgages
A pre-approved mortgage is a home loan that has been tentatively agreed upon by a lender. It outlines how much money you will receive for specific terms and a certain interest rate. Pre-approved mortgages can come in many forms such as residential mortgages, conventional mortgages, variable rate mortgages, fixed-rate mortgages, short-term mortgages, and long-term mortgages. It’s ideal for potential homeowners to decide which mortgage is best for them and seek out mortgage approval before finding a property to buy.
What info is needed to get approved?
You’ll need to gather the necessary information regarding your employment such as the name of your employer, the length of your employment and your current salary, as well as annual salaries for your household. Any other income that adds to your total net worth such as commissions, bonuses, investments should also be included.
You also will need to let the lender know your current financial situation including debts. This includes bills, child support, alimony, credit card debt and any loans you may have.