Do I Need to Get Pre-Approved for a Mortgage?

Do I Need to Get Pre-Approved for a Mortgage? When the real estate market is a seller’s market — meaning conditions favor the seller — getting pre-approved for a mortgage isn’t just a good idea, it can be a differentiator between you getting a home you’ve put an offer on, or not.

You don't need to get pre-approved, but it will ease the home buying process for you.
In scenarios with high competition for a few homes, pre-approved buyers stand out as the most appealing candidates. So before you start dreaming about homes, looking at them on-line, or going to open houses, go visit your bank.

To obtain pre-approval for a mortgage loan, you'll need to gather a few things. You will need to prove your assets and income, so get those paycheck stubs and bank statements together. They’ll verify your employment, so let your employer know to expect a phone call or sign a paper to that affect. They’ll check to see what your credit score is, so be sure you’ve always paid your rent, utilities and credit cards on-time. The better your credit score, the better mortgage interest rate you will qualify for.

Upon finishing pre-approval, you'll have the precise maximum loan amount, aiding in narrowing down the homes you explore. Your pre-approval lasts months, allowing ample time to find your ideal home, ensuring affordability during your search.

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