How to get PRE- APPROVED for a Home Loan?
I could go on for a long time about the topic of why it’s vitally important to be PRE-APPROVED before beginning your search for a home. First off, I should briefly describe what being PRE-APPROVED is and how to get started.
I consider you to be PRE-APPROVED after:
- Credit Report has been pulled
- Review your Income and Asset documentation
- Have the information verified by an underwriter along with a DU (desktop underwriting) approval.
This sounds like a lot of work, but it really isn’t.
I begin the PRE-APPROVAL process by taking the time to gather as much information from you over the phone or direct you to my web site http://www.jonpotvin.com to fill out an online application. This will give me the information I need to get started. Then I would request the necessary income and asset documentation to verify everything is in line with what is on the loan application. It typically takes about 24 hours or less to determine if the loan will be approved or not. My team typically meets with you for a face to face mortgage consultation. The information and dialogue you will receive in the consultation is truly what separates our service from our competition.
After the consultation and PRE-APPROVAL letter in hand, you can confidently search for the right home for your family knowing your monthly payment objective is being met and that you are fully APPROVED.
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