{"id":6436,"date":"2022-07-09T09:59:23","date_gmt":"2022-07-09T13:59:23","guid":{"rendered":"https:\/\/dankrell.com\/blog\/?p=6436"},"modified":"2022-07-09T09:59:26","modified_gmt":"2022-07-09T13:59:26","slug":"get-a-mortgage-preapproval","status":"publish","type":"post","link":"https:\/\/dankrell.com\/blog\/2022\/07\/09\/get-a-mortgage-preapproval\/","title":{"rendered":"Get a mortgage preapproval"},"content":{"rendered":"\n

Many years ago, the home buying process was very different than it is today.\u00a0 For example, home buyers relied on their real estate agents to qualify them to figure out how much home they could afford, instead of getting a mortgage preapproval.\u00a0 Making an offer on a house was done without a mortgage preapproval letter.\u00a0 And the mortgage application was usually made after<\/em> the contract was ratified.\u00a0 The process may seem backwards by today\u2019s standards, but that\u2019s how it was done.\u00a0 <\/p>\n\n\n\n

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Real estate is voted as best investment<\/figcaption><\/figure><\/div>\n\n\n\n

The problem with the old process was that sometimes the loan\nwas denied, causing heartache and anguish for the homebuyer and seller. Times\nhave changed.  In today\u2019s market, homebuyers\nare expected to be more organized, which helps streamline the homebuying\nprocess. The includes getting a mortgage preapproval letter. <\/p>\n\n\n\n

You may have heard it called a prequalification or a preapproval,\nthe purpose is the same.  The preapproval\nletter not only qualifies you, but also gives the home seller confidence that\nyou can complete the sale.<\/p>\n\n\n\n

To preapprove you, your lender checks your credit and\nreviews your financial documents.  This\nwill give the lender an idea of what loan program is best for you, as well as calculating\nyour debt-to-income ratio to determine your maximum loan amount.<\/p>\n\n\n\n

Your preapproval gives you a head start on the home buying\nprocess.  When the lender reviews your\ncredit and finances, they can see if there are any obstacles to getting your\nloan.  The lender can help structure your\nloan in advance, which will guide you in your preparations.  Additionally, the preapproval letter will\nshow your agent and sellers that you\u2019re a serious buyer because you\u2019ve already started\nthe mortgage process.<\/p>\n\n\n\n

Don\u2019t feel pressured to work with any lender, even if they are affiliated with your agent.\u00a0 As a homebuyer, you have right to choose the lender you want.\u00a0 Some buyers will go where they bank for a mortgage, because there is a mutual familiarity.\u00a0 Some look for the best interest rate, and others look for personal service.\u00a0 It can help to understand the lender better by comparing several by talking to a local loan officer.\u00a0 The bottom line, however, is to make sure the lender is licensed and is knowledgeable of the jurisdiction where you are buying. <\/p>\n\n\n\n

By Dan Krell
Copyright \u00a9 2022 <\/p>\n\n\n\n

\"Protected<\/a><\/figure>\n\n\n\n

Disclaimer<\/a>.\n This article is not intended to provide nor should it be relied upon \nfor legal and financial advice. Readers should not rely solely on the \ninformation contained herein, as it does not purport to be comprehensive\n or render specific advice. Readers should consult with an attorney \nregarding local real estate laws and customs as they vary by state and \njurisdiction. Using this article without permission is a violation of \ncopyright laws.<\/p>\n","protected":false},"excerpt":{"rendered":"

Many years ago, the home buying process was very different than it is today.\u00a0 For example, home buyers relied on their real estate agents to qualify them to figure out how much home they could afford, instead of getting a mortgage preapproval.\u00a0 Making an offer on a house was done without a mortgage preapproval letter.\u00a0 … <\/p>\n

Continue reading “Get a mortgage preapproval”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[270,1012,405,600,13],"tags":[516,490,511,634,978],"class_list":["post-6436","post","type-post","status-publish","format-standard","hentry","category-home-buyer","category-home-buying","category-homebuyer","category-mortgage-approval","category-real-estate","tag-buying-a-home","tag-home-buyer-2","tag-home-buying-process","tag-mortgage-application","tag-mortgage-approval"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p1VZLf-1FO","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/6436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/comments?post=6436"}],"version-history":[{"count":2,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/6436\/revisions"}],"predecessor-version":[{"id":6439,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/posts\/6436\/revisions\/6439"}],"wp:attachment":[{"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/media?parent=6436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/categories?post=6436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dankrell.com\/blog\/wp-json\/wp\/v2\/tags?post=6436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}