When filing a mortgage application, you will be required by your lender to provide certain documentation to prove your income and assets. Lenders have to verify all the assets that will be used for your home purchase and confirm that your loan application is accurate. Your lender will most likely inform you of specific requirements, but you can save yourself a great deal of time by preparing all of the documents in advance. If you have any questions about loans available to you, you may want to review an earlier article on mortgage loans.
What’s the difference between preapproval and prequalification?
A mortgage loan prequalification is an estimate of how much house you can afford and how much money a lender would be willing to loan you. Getting preapproved means that you have a tentative commitment from a specific lender for mortgage funding.
Do I need to be preapproved?
No, you certainly do not. But at Network Real Estate, our experienced Realtors strongly suggest preapproval. With preapproval, the lender has actually checked your credit and verified your documentation to approve a specific loan amount. Knowing the amount that you may be approved for allows you and your Realtor to manage expectations and make informed decisions on which areas, neighborhoods and homes are realistically affordable.
What documents are required for mortgage preapproval?
Christina Haley O'Neal - Oct 23, 2020
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