Get Home Loan Pre Approval | Process To Get Mortgage Pre Approval
In the process of getting a home loan pre-approval it is very essential for you to choose a best as well as a knowledgeable lender for yourself. As having the right lender can make a huge difference. However, it is also essential for an individual person to consist knowledge about the procedure of how to Get Home Loan Pre Approval. There are many lenders as well as agents who can provide you and guide related to this.
Get Home Loan Pre Approval:
There are various terms as well as rules while you are applying under to get a home loan this process can be confusing. However, there are various lenders who can provide you approval within hours. Thus, getting an approval is totally depends upon your lender as well as on your finances. Here we have provided a description on the basis of the mortgage approval. In order to get qualified for the home loan approval you must require a list of financial and employment information.
Type of mortgage and terms of loan:
There are many types of home loans and each has its own steps, rules as well as procedures. You need to be clear about what kind of home loan you are looking for. Apart from this you must concern about the specific loan product for which you are applying, the loan amount, its terms and methods as well as length of time to repay the loan (amortization); and the interest rate.
Property information and purpose of loan:
In this step you require your detail information as well as some details. Such as:
- The Address.
- legal description of the property
- year built.
- whether the loan will be used for purchase.
- Refinance or new construction.
- The intended type of residency (primary, secondary or investment).
It is essential to keep a record of your borrower as it include your identification information, including full name, date of birth, Social Security number, years of school attended, marital status, number of dependents and address history.
Employment information :
Under this section you need to keep the detail information about the employment status. It includes name and contact information of current and previous employers (if you’ve been at your current position less than two years), dates of employment, title and monthly income.
Monthly income and combined housing expense information :
You must also have a proper record of a listing of your monthly income status, overtime, bonuses, commissions, net rental income, dividends/interest, and other types of monthly income such as child support or alimony. Apart from this you also required an accounting of your monthly combined housing expenses, including rent or mortgage payments, homeowners and mortgage insurance, property taxes, and homeowner’s association dues.
Assets and liabilities:
You must also have detail information of the all bank and credit union checking and savings accounts with current balance amounts. Apart from this you must also have life insurance, stocks, bonds, retirement savings, and mutual funds accounts and corresponding values. There may be certain liabilities as well so you must carry a list of all liabilities, including revolving charge accounts, alimony, child support, auto loans, student loans and any other outstanding debts.
Details of transaction:
An overview of the key transaction details, including purchase price, loan amount, value of improvements/repairs, estimated closing costs, buyer-paid discounts, and mortgage insurance.
An inventory of any judgments, liens, past bankruptcies or foreclosures, pending lawsuits or delinquent debts. You’ll also be asked to state whether you intend to use the home as your primary residence.