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 (Jun 28th, 2016)
So letâ€™s talk about that pre-approval letter that you have.
You have a piece of paper that says youâ€™re ready to go to buy a new home. But is it a piece of paper or a pre-approval letter?
When youâ€™re getting a pre-approval for a mortgage, it should take longer than 10 minutes on the phone to get your approval. In todayâ€™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 whatâ€™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 theyâ€™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 youâ€™re buying a home.Click to see today's rates (Jun 28th, 2016)
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2016 Conforming, FHA, & VA Loan Limits
Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)