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?
Feds Investigating NCino Employment Practices Under Antitrust Laws
Cece Nunn
-
Feb 25, 2021
|
|
Craftspace Aims To Raise Up To $150K Through Crowdfunding Campaign
Christina Haley O'Neal
-
Feb 24, 2021
|
|
'Just Enough': Bar Owners React To First Indoor Drinking Allowed Since Pandemic Began
Cece Nunn
-
Feb 25, 2021
|
|
WilmingtonBiz Talk: Booming Housing Market
Cece Nunn
-
Feb 25, 2021
|
|
Local Chef Sells Beachside Restaurant To Return To Mountain Roots
Jessica Maurer
-
Feb 24, 2021
|
Cape Fear Catamarans on U.S. 421 customizes, designs and builds aluminum boats....
In a transformative time for downtown Wilmington, the organization tasked with economic development efforts there is rethinking its mission...
People, parks and a pandemic made a strong combination for North Carolina state parks last year, with a record number of visitors taking ad...
The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.