Whether buying or selling a home, the real estate transaction process can be seriously stressful. Hey, no pain, no gain. Getting pre-approved for a mortgage can seriously reduce stress levels.
Lender Approval
Many people make the mistake of going house hunting without knowing exactly how a large a mortgage they can get. This leads to incredible frustration when a dream home is found, but you cant get a loan. For some shoppers, the frustration and stress leads them to throw their arms in the air and give up on the process. While an understandable reaction, the stress and frustration can be greatly reduced by getting pre-approved for a mortgage loan.
Getting pre-approved by a lender involves going through the full mortgage application process. You are going to fill out all the forms, provide tax returns or salary verification, have your credit run and so on. The bank will do a full analysis regarding whether you are mortgage worthy. It will also lay out the specific requirements it expects you to meet including the down payment amount and the specifications your potential home must meet. To this end, the pre-approval process is always contingent on the...
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