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Posted 11/16/2015

Mortgage Pre-Approval: Tips To Get Your Purchase Loan Approved Faster

Buying a home? Whether you're a first-time home buyer, repeat buyer, or real estate investor, it helps to know about the mortgage pre approval process. Mortgage pre approvals are powerful tools for today's competitive home buyer. Learn more and get access to today's current mortgage rates.

Click to see today's rates (Oct 21st, 2016)

Video Transcription

So let’s talk about that pre-approval letter that you have.

You have a piece of paper that says you’re ready to go to buy a new home. But is it a piece of paper or a pre-approval letter?

When you’re getting a pre-approval for a mortgage, it should take longer than 10 minutes on the phone to get your approval. In today’s lending environment, you need to make sure all potential issues are brought up during this process and not a few days before your loan closing.

So what’s this mean to you?

It means your loan officer should be asking you for all the necessary documents, just like you already had a house picked out. Then, they should submit those documents to underwriting for an actual approval.

This is because the underwriting process is when most issues are brought to light. Most lenders out there, especially now that they’re all extremely busy, may not take this extra step to make sure you are actually pre-approved.

You should only accept a pre-approval from a lender that does all their due diligence at the time of application and goes through the underwriting process. This way you can be assured that you have no issues when you’re buying a home.

Click to see today's rates (Oct 21st, 2016)

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

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