Charlotte Lenders for Homes.. Pre-Approvals for a home loans in Charlotte

Getting pre-approved for a mortgage can make things a little easier when it comes to buying a home. Getting pre-approved will help you determine what you can afford when it comes to buying a home. It will also show your real estate agent that you are credible and can afford the homes you are looking for. When searching for a new home, you will also be able to narrow your search down to houses you know you can afford and when you submit an offer on a home, having a pre-approved mortgage can help you stand-out. 

What is a Pre-Approved Mortgage?

A pre-approved mortgage is a statement from a lender saying you qualify for a loan. Pre-approved mortgages are very important when it comes to home buying. It shows your lender you are reliable and a home seller you are credible. To become pre-approved, there are a few things you have to do.

How to become Pre-Approved

1. Find a qualified, licensed, lender that will work with you. This is important because this is the person you will be working one-on-one with throughout the mortgage process. You will want someone that has experience and that you can trust.
2. Once you have found a lender, you will need a proof of income and proof of assets. Both of these statements will provide your lender the information they need when it comes to figuring our your mortgage and how much you can afford.
3. Your credit should be around 620. Any lower and your down payment could be a lot higher than you want it to be.
4. You will also be required to present documentation on yourself, such as your Social Security number and credit report. These documents are very important so make sure you have them ready before you meet with your lender.

Even if you are pre-approved you can still be denied a loan. Depending on the lender, the pre-approved loan might not be enough. You may have to present additional information to the lender to receive a loan. If you cannot get pre-approved you can review your credit history and try and decrease the amount of debt outstanding you have as well as try and raise your credit score. The higher your credit score is, the better mortgage rates you can obtain.

Get pre-approved for a home loan today!