Importance of Seeking Preapproval for Home Mortgage

Importance of Seeking Preapproval for Home Mortgage
September 25 10:37 2018 Print This Article

When you look forward to taking time for preapproval of mortgage letter prior to you starting searching for the house, you have started the process in the right manner. You should rest assured that it would put you ahead of other potential buyers who would be looking forward to own the house you searched for your own needs. Seeking preapproval for mortgage would show the seller that the lender has taken the initiative to get evaluated the finances. It would also be an indication to lender about figuring out how much could be borrowed by him or her as home mortgage. It would help Sun West Mortgage to have decent knowledge on the value of the house he or she could afford to purchase.

It would be pertinent to mention here that in event of you not being preapproved, you would probably be the only person who has not been preapproved and would face huge disadvantage while making an offer.

In order to seek preapproval, you would be required to provide the lender with a decent amount of financial information. It would be worth your effort and time, as it would show the seller your offer on his or her home would have more chances to close. It would also make mortgage relatively easier to acquire, especially if you seek home loan from the same lender. The major reason would be the lender already having financial information about you that would be deemed essential to acquire a mortgage.

Find below a list of what you would be likely to provide to seek preapproval.

  • Bank, checking, savings, investment account information
  • Your social security numbers and that of any co-borrowers
  • Information on amount of down payment you could make along with the source of money for down payment
  • Employer and salary information
  • Tax returns of past two years
  • Outstanding debt obligations inclusive of car loan, credit card, student loan and other kinds of balances

It would be a relatively good idea to get in touch with Sun West Mortgage your preapproval process.

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Clare Louise
Clare Louise

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