It should come as no surprise that purchasing a house is quite an expensive endeavor. So much so that you may require a loan to reach that milestone in your life. However, if you’ll be applying for a mortgage, try to get pre-approved for one first. Doing so will help you create a budget, and will show the sellers that you’re a trustworthy suitor. As a mortgage deals with large sums of money, you need to meet certain requirements to get pre-approved for one. If you’d like general mortgage tips on the subject, continue reading. Still, keep in mind that you should check what specific demands your lender has.
How to Get a Mortgage Pre-approval
- For starters, it’s a good idea to get your financial situation in order. Make sure your credit score is on its good side, settle any debts you have, save some money for the house, and create a reasonable budget.
- Then, you’ll need to prove your financial status to the loan officer. To do this, you’ll need to provide proof of income/employment, a list of your assets/expenses, as well as your bank statements.
- Of course, the loan officer should be certain of who you are if they’re to lend you the money, why is why you’ll also be required to present your Social Security Number and a valid ID.
- Lastly, you’ll have to protect the investment they (and you) will be making from any issues or mishaps that may occur by purchasing homeowner’s insurance (in some cases, you’ll have to buy title insurance too).
Call Countywide Title Company in Plainview, TX at (806) 293-8363 if you're getting ready to start a real estate process and need title services to do it safely.
Countywide Title Company © 2024