How Do I Get Pre-Approved for a Home Loan in St. Louis?

how do i get pre-approved

Getting Approved For A Home Loan?

If you’ve been dreaming of a new home, the first thing you’re going to want to do is get pre-approved for a home loan. You simply can’t start planning and house hunting unless you have a clear overall picture of how much money you will be able to spend. Often people who think their credit is clear might uncover unknown problems in their history that need to be taken care of before buying a home. You want to know that you’ll be able to obtain a loan and the amount you can afford. Once you have your pre-approval, meet with your real estate agent to start looking for homes.

Keep in mind, the amount you get approved for and the amount you can afford might be two different numbers. Take a good look at your monthly budget and make sure that your new mortgage payment, including taxes and insurance, will be affordable for you even in month where things are tight.

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What Is Involved With Pre-Approval:

First, meet with a trusted lender or mortgage broker. STL Real Estate encourages you to choose a local agent who can guide you through the process and avoid using internet based or out of state franchises which can slow down and confuse the process.

Your lender will ask you some pretty basic information like your birthday, social security number and questions about your employment. Most use one page or online applications and they are pretty basic and straight forward. The lender will then verify your information and let you know if you are approved and what your loan amount maximum will be. This process typically takes 1-2 business days.

Now that you have a pre-approval letter, you are ready to see some houses! Give a copy of your pre-approval to your real estate agent so that you are ready to make an offer the moment you find your dream home!

By | 2017-12-05T08:24:25+00:00 July 27th, 2015|Categories: 1. STL Real Estate, Blog, Homeowner Tips, Real Estate Agents, Sell House Fast|Tags: , , , , , |