Getting a Mortgage Pre-approval

If you’re thinking about acquiring a property and will need a mortgage to do so, consider getting pre-approved for the loan too. A mortgage pre-approval helps make the procedures a tad bit more efficient, gives you the certainty that you’ll have financial aid to go through with this, helps you create a realistic budget, and gives the sellers the sense that you mean real business. The question how are you getting a mortgage pre-approval?

If you’d like to know what general steps to follow in order to get pre-approved for a mortgage, continue reading this post. Just remember to check with your lender to verify their specific requirements.

How to Get a Mortgage Pre-approval

Have Your Financial Situation in Check

First and foremost, ensure that your financial situation is looking good in order to get pre-approved. This means balancing your credit score, paying your bills, and saving up money to buy the house.

Provide the Required Documents

Needless to say, the lenders are trusting you with a large sum of money, which is why you need to provide them documents that give them a better idea of who you are, and if you’ll be able to pay them back. Usually, they’ll ask for bank statements, proof of income, a list of your assets/expenses, an ID, Social Security Number, among other information.

Purchase Insurance

Lastly, you may also be required to purchase homeowner’s and title insurance. After all, this is a big investment for the lenders too, which is why they’ll want to protect it against any disasters, mishaps or irregularities that could happen.

Call Wharton Law for Title Insurance in Atlanta

If you’re ready to make an offer on a house, remember to trust Wharton Law in Atlanta to be your title services provider. They have the expertise your case requires, so call (404) 965-2767 for more information about their services.