Jasz
VIP Contributor
Getting pre-approval for a mortgage is one of the first steps in the process. It's not something you have to worry about, but it's something that can help ensure your loan goes through smoothly.
The pre-approval process involves a lender checking your credit history and determining how much money you qualify for. To get pre-approved for a mortgage, you'll need to provide the lender with some basic information about yourself, such as your name, address, Social Security number and bank account information. You also need to provide proof of employment and/or income.
Once you've provided all this information, the lender will determine whether or not they think you're likely to be able to make payments on time. If they do, they'll give you a pre-approval letter that says so and provides an estimated APR (annual percentage rate) for your loan contract.
You'll then need to send this letter back to the lender along with additional documents requested by them (such as copies of your pay stubs). They'll review these documents and if everything looks good — and if they approve — they'll issue you a loan contract with an APR attached.
The pre-approval process involves a lender checking your credit history and determining how much money you qualify for. To get pre-approved for a mortgage, you'll need to provide the lender with some basic information about yourself, such as your name, address, Social Security number and bank account information. You also need to provide proof of employment and/or income.
Once you've provided all this information, the lender will determine whether or not they think you're likely to be able to make payments on time. If they do, they'll give you a pre-approval letter that says so and provides an estimated APR (annual percentage rate) for your loan contract.
You'll then need to send this letter back to the lender along with additional documents requested by them (such as copies of your pay stubs). They'll review these documents and if everything looks good — and if they approve — they'll issue you a loan contract with an APR attached.
