Starting a home loan application means you are on your way to receiving your pre-approval letter. That letter will let you know exactly how much you can borrow. That knowledge will help you save time and money as you search and make an offer on a home.
Going through the application process will help identify any financial issues that need to be addressed. Things like credit score, debt-to-income ratio, work history, and more are reviewed by the lender. If any issues need addressing, this gives you an opportunity to do that to make sure you qualify.
You won’t get a true rate for your situation until you apply for a home loan. The information given in your application allows a mortgage broker to shop around for the best terms and rates that fit your situation.
If a financial issue may take time to correct, you may want to consider correcting that issue and re-applying at a later time to qualify for a better rate or higher mortgage amount. In the long run you could save thousands of dollars.
When all issues are resolved and you have a pre-approval letter in hand, that document will help make you and your offer more attractive to the seller of the home, oftentimes putting your offer ahead of others. The seller will see an serious buyer, an approved funding amount, and will imagine a much smoother and faster closing process. Your negotiations will be taken more seriously and you can find yourself saving time and money in many areas.
Your mortgage broker can help you get a pre-approval letter by having you complete a loan application. You can go to IntegrityLending.com and start the application process online.
We’d love to help get you into your first home, approved and saving money.