Pre-Approval
Getting a pre-approval is one of the best things you can do to simplify the process and give yourself more confidence in your buying power. Here’s what you can expect from the process.
ONE - YOUR CREDIT SCORE
Knowing your credit score will help lenders decide if you’re a good candidate for a loan. The higher the credit the better.
TWO - YOUR EMPLOYMENT HISTORY
Lenders want to make sure you can regularly make mortgage payments, with no major gaps in income.
THREE - YOUR ASSETS AND DEBTS
Lenders want to know your debt-to-income ratio to know if you can make each loan payment with the income you earn
QUICK TIPS
Rates change on a daily basis and pre-approvals usually expire after a few months.
Be mindful when shopping for rates. A pre-approval involves pulling credit. Doing this too many times in a short timeframe may negatively impact your credit score.
Avoid purchasing activity that can impact your debt-to-income ratio, such as buying a car, charging expensive items to your credit card, or taking out a personal loan.
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