Get Pre-Approved for Your Mortgage
Why Get Pre-Approved?
When you get pre-approved before you start shopping for a home, you will:
- Know the mortgage amount you can qualify for a loan.
- Know what your monthly mortgage payment will be.
- Have your offer taken more seriously by a home seller.
How to Get Pre-Approved
Getting pre-approved is a simple process. Contact a lender and they will either have you fill out a quick online application and/or speak with you over the phone to go over your income/expenses and assets/debts.
Who Should I Contact?
Generally there are three sources people use to get a home mortgage:
- Your current bank - (often not a good idea as they tend to have the highest rates and fees)
- Your local credit union - (always worth looking at as they have some of the lowest rates and fees for members)
- A Mortgage Originator - (they shop around to find you the mortgage that best fits your needs)
Shop Around for Your Mortgage
Mortgage now days is kinda like clothes shopping. They come in a wide variety of shapes, sizes, features.... From first time home buyer programs to foreign national loans to jumbo loans, there are many different options for you to choose from. It is worth it to speak to at least 2 or 3 different lenders around the same time so you can compare their rates and fees. Being a good shopper can save you thousands of dollars over the life of the loan. Make sure you keep an eye on the lenders Origination Fee. This is simply a fee to create the loan and some lenders charge exorbitant fees because the buyer doesn't know what they are looking for.
Some Loan Originators We Have Worked With and Had Positive Experience with Are:
- Ron Abate at Columbus Capital Lending
- William Smith at Academy Mortgage
- Jacob Roberts at Walton Funding
- Drew McElmurry at Amerisave Mortgage
- Brian or Lily DeMarie with The Federal Savings Bank
- John Broskie at Atlantic Bay Mortgage Group
- Patrick Lewis at Premier Nationwide Lending
Once you are pre-approved with a lender, they will provide you with a pre-approval letter that details what you qualify for. Now you are ready to find your next home with confidence. From this point, you can go ahead and get Pre-Qualified with your lender. That consists for just providing your lender with supporting documents for what you told them during the pre-approval process. You can elect to do this once you find your new home or go ahead and start the process with your lender so that once you find your perfect home, you can close a little sooner than the 4-5 weeks most lenders require to close a loan.