How to Get Pre-Approved for a House Loan


The first step in getting a home loan is to get pre-approved.
Pre-approval is important because it shows the sellers that you are
capable of buying a home. While the pre-approval is not a guarantee,
it gives you a loan amount you qualify for. During this process the
loan representative will review your information (income, debt, credit
score) and determine how much he can approve. Underwriting guidelines
vary from lender to lender. However, the process of pre-approval is
the same at every mortgage company.Difficulty:EasyInstructions
Things You'll Need
Tax returns and W-2s
Paycheck stubs
Bank
statements
Pension, child support or alimony proof of income (if
applicable)
C
Getting pre-approved for a car loan can make your car shopping
experience much easier. When you are pre-approved, you know how much
you can spend, you know how much it will cost you to own your new car
each month and you do not have to worry about haggling with the
dealership over how you will finance your purchase. Prior to meeting
with your bank, there is information you need to collect. Also, there
are some basic guidelines you should understand to make sure you get
the best deal for you -- and not the best deal for the
bank.Difficulty:ModerateInstructions Things You'll Need
Your pay
stubs from the last six months
Expandable file folder
class="error">Getting a Pre-Appr
Personal Finance
Being approved for a mortgage loan takes planning and meeting certain
criteria set by the lender. Lenders follow strict guidelines, and
consumers must show they are good credit risks. When applying for a
home loan, you must supply certain documents that prove you can make
the payments on time. Credit HistoryMake sure your credit score is
high enough to warrant approval. Your score is based on your credit
history, including payment history, available credit and debt owed.
Lenders will get this information from one of the three credit bureaus
in the United States: Experian; TransUnion; and Equifax. These credit
bureaus issue a report of all your past and current loans, credit card
and utili
Personal Finance
The process of mortgage pre-approval is the same regardless of the
type of property that a borrower wants to buy, be it foreclosed or
not. The lender will require some basic documentation to prove the
borrower's willingness and ability to repay the debt. Once the
borrower has been pre-approved, the lender can write a letter stating
the the borrower has official pre-approval from the bank and this
letter can be added to an offer on the foreclosed residence to
increase the borrower's chances of procuring a final contract on the
property.
Personal Finance
Buying a home is never an easy task. When you already own a home, it
is even more complicated. The challenge lies in timing the sale of
your current home so that you can simply move into your new one. This
isn't easy, and it rarely happens. It's also more of a challenge to
get pre-approved for a new mortgage loan when you still owe payments
on an existing loan. Fortunately, if your credit is strong and your
gross monthly income high enough, you can get pre-approved for a home
loan even while making payments on your current mortgage
loan.Difficulty:ChallengingInstructions Things You'll Need
Copy
of your current mortgage loan statement
Copies of your last 2 years
worth of W-2 tax
Personal Finance
A pre-approved loan is a financing agreement made prior to your
purchase of a new asset. For example, home loans and car loans may be
pre-approved. Once you are pre-approved, you will know your exact
budget for the upcoming purchase. Getting pre-approved is a great tool
for budgeting your expenses, planning your monthly payments, and
finding out just how much you can afford prior to making any
decisions. Real estate agents suggest getting pre-approved so that you
know your budget before shopping for a
home.Difficulty:ModerateInstructions Research lenders. Your lender
should provide the specific type of loan you are seeking. For example,
if you would like to be pre-approved for a mortgage
Personal Finance
The U.S. Department of Housing and Urban Development backs FHA loans
to make homeownership more accessible. Financial institutions, such as
banks and credit unions, offer the loans. However, the U.S. Department
of Housing and Urban Development insures loans from default, which
protects lenders. Borrowers interested in getting pre-approved for an
FHA loan should understand eligibility requirements and gather the
necessary documentation.Difficulty:ModerateInstructions Meet the
minimum requirements. Borrowers interested in FHA financing must have
two years of consistent work history, preferably working for the same
employer. The applicant must also have a credit score of 620 or higher
to get
Personal Finance
A preapproved loan means that you proactively applied for a loan that
was evaluated and approved before you negotiated for a house. Upon
receiving a preapproved loan, you will know your mortgage limit and
monthly rate, so that you can search for a home within your budget.
Most preapproved home loan offers expire, though usually the offers
remain valid for 60 to 90 days. Application BasicsYou can get
preapproved for a home loan through a broker, bank or mortgage lender.
Most traditional banks, local credit unions and online lenders provide
preapproved mortgage services. Examples include Lendingtree.com,
Quickenloans.com, Wells Fargo, Bank of America and the Philadelphia
Federal Credit Unio
Personal Finance

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