Pre-approval is the closest you can get to actually taking out a loan without firm commitments. So, how do you know that you are ready for a pre-approval?
Here are some guidelines for you!
You are financially stable to handle a monthly mortgage payment
You’ve set aside some money for a down payment
You have a verifiable credit history
After you get pre-approved, you’ll receive a letter from the lender stating how much they estimate you’re qualified to borrow a home loan. These letters are typically good for 90 days from most lenders.
With a pre-approval letter, you can easily hunt your dream house having clarity about your price range. The home sellers will also see you as a credible customer who can borrow the necessary money for a home purchase.
Ready to buy a house to call it your home?
Contact us today to get yourself pre-approved for a home purchase today