Getting preapproved for a mortgage is an essential part of the home-buying process. While it’s possible to wait before securing your financing, there are major benefits to getting preapproval early.
For more information about preapproval, here are the basics to consider:
It’s recommended that would-be homebuyers obtain a preapproval letter from a mortgage lender as soon as possible in their buying process. The earlier you take care of this important step, the earlier you’ll know exactly how much money you can afford to spend on a home. This can help you narrow down your home search.
In addition to helping your home search, getting mortgage preapproval also shows sellers you are a qualified buyer. Preapproval requires a careful examination of your financial situation, including factors like debt-to-income ratio and liquid assets.
Going through the process confirms your eligibility for a mortgage and communicates to sellers that you’re less likely to back out of a sale.
Compare mortgage lenders to find the best fit for your needs. You can request a loan estimate and mortgage preapproval letter from a lender after providing essential documentation like investment account statements, bank statements, pay stubs and credit report.
If you intend to buy a home, it’s a good idea to get preapproved for a mortgage sooner rather than later. The more prepared you are with your finances, the more effective your home search will be.
Mark comes to us with extensive experience in the real estate industry with over 20 years of experience working with buyers, sellers, and builders. Mark has been an active member of RACM, REALTOR Association of Central Massachusetts, since 2001 and has built a formidable reputation in Worcester county.
Consistently ranked among the top 10 Realtors in Worcester county with career sales totaling 300 million in pending and sold, Mark is an extremely valuable resource for those getting ready to list their home, purchase a new home, or build from the ground up.
As a Shrewsbury native, and a seasoned real estate professional, Mark joined Andrew Abu REALTORS and works side-by-side with a talented team of industry experts who specialize in market trends and local market stats, to keep ahead of the curve and combine home marketing with innovative technology and forward-thinking. His valued reputation with client's and business partners for the past two decades and proven success with record setting sales, will leave you in capable hands during any real estate transaction.
