Getting Mortgage Approval 

Pre-Qualification Letter

When you are looking to purchase a new home one of the most important things to do is get pre-qualified for your mortgage. You will need this when you make an offer on your new home that you have found, no one will accept your offer without one. In receiving this, the lender will be able to see if your mortgage payment, debt to income ratio, and the taxes and PMI will be. All this will be totaled and will let you make an educated decision on how much you can afford. If you found a $150,000 home and get a check on your credit and can only afford a $140,000 home, you will have wasted your time and will be disappointed.

Most people wait to do this step last and end up losing their dream home. If you have some small credit issues, it can take months to clear them up at times.

It just makes sense to do this step first. Get a pre-qualified letter from the mortgage company on their letterhead and present it with all offer contracts. It will make your offer stronger, especially if you have more than one offer on a particular home that has multiple offers.

A pre-approval letter will only last for 30 to 60 days before you will need another one, so even if you have done this before, make sure it is up to date. Usually a call to your mortgage company and they can e-mail or fax another one to you in a timely manner.

Don’t be caught with a low credit score or not be able to purchase a home because you did not do this important step. It can cost you thousands in interest cost with the delay or you’re not being able to close on your new home at all. Find out about your credit, you are allowed free credit scores from the credit companies every year make sure you stay informed on what yours is. It can save you a lot of money to keep your credit repaired and up to date.

Bill Wagner – Keller Williams Atlanta Partners
The Wagner Team
770 316 5519
BillWagnerHomes@gmail.com
“A Higher Standard in Real Estate”