Mortgage pre-approval is a crucial first step when buying a home. Going through pre-approval means having a lender assess your finances so that they can determine how much you are able to borrow.
Some Factors That May Affect Mortgage Pre-Approval
Income - this is the money that you earn from doing work or money that you receive from investments.
Debt - this is usually in form of money, owed by one party to another. Common examples of debts are credit card debts, auto loans, and home loans.
Assets - these are properties or equipment owned by a person, regarded as having value and available to meet debts, commitments, or legacies.
Credit History - this shows all your financial activities, which is why some people refer to it as a financial report card.
Employment - this covers your working history.
What Are The Benefits of Mortgage Pre-Approval?
Clarity and Confidence
Once you get pre-approved, you know how much you'll be able to borrow so you have a clear picture of how far you can go and what options you should look at. You can make a strong offer on the home that you want because you know that your finances have been reviewed thoroughly. To know more about the pre-approval process and the whole home buying process, it is best to consult a professional Realtor®, such as Kyle Kelly of The Island Wide Team. Professional Realtors® like Kyle and his team will be able to connect you to a trusted lender who can help you prepare financially and find the home that best suits your needs.
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