Get Pre-Approved for a MortgageOnce
you are ready to obtain a mortgage, it is a good idea to select a
lender to get pre-approved for mortgage. Pre-approval is a formal
process and a mortgage pre-approval certificate is a valuable document
with a written confirmation for a specific maximal amount of mortgage
and fixed interest rate good for a specific period of time.
The pre-approval means that the lender will check your credit record,
check your employment, and look at your finances to establish the
amount of mortgage you can afford. The pre-approval certificate will
make the search for your new home much easier and less time-consuming
because you will have a realistic price range in mind.
The things you will need to have with you the first time you meet with a lender are:
- Your personal information, including identification such as your driver's license.
- Confirmation of salary and details on your job in the form of a letter from your employer.
- Information about all sources of your income.
- Information and details on all bank accounts.
- Information on all your loans and other debts.
- Proof of financial assets.
- Source and amount of down payment and deposit.
- Proof of source of funds for the closing costs (usually between 1.5% to 4% of the property's purchase price)
How Much Can You Afford?
Should You Invest In Property Inspection?
What Other Factors Buyers Should Consider?
What Is Included In Closing Costs?
Glossary of Real Estate Terms
Real Estate Terminology
Real Estate Tips
What Should You Know Before You Move?
Use Site Map to Find More Information