Loan Pre-Approval

Looking to buy your first home or investment property?

A loan-preapproval is very important before you can start looking for a house. A loan-pre-approval can determine the maximum amount that you can borrow, the interest rate you will be offered, and which loan program is best for you.

When you are pre-approved for a mortgage, it means that a lender has looked closely at your credit report, your employment history and your income.

Being pre-approved before you start to look for a home is important because you’ll know in advance how much you can afford. This way, you don’t waste time with guessing or looking at properties that are beyond your means. Getting pre-approved for a mortgage also enables you to move quickly when you find the perfect place.

Having a Loan Pre-approval can save you valuable time. In a competitive market, this lets the seller know that your offer is serious and you are ready to buy a Real Estate Property.

Important documents to consider when being pre-approved are:

– Last two years’ tax returns and W-2s, or 1099 for self employed people

– Most recent pay stubs,

– Bank statements – Checking Accounts, Savings Accounts

– A signed authorization to order your credit report

– USA valid picture Identification

Typically, a mortgage pre approval is good for 60-90 days, after which time, the lender may require an update to the credit report. Further, although the lender has issued a credit decision in advance, nearly always it will reconfirm the data which led to the initial decision. If any part of the financial picture has changed – be it credit, income, or asset related – it is critical to alert the lender of these changes so that the preapproval can be reissued or adjusted.

If you or someone you know is looking to buy a house, but they are being prevented because of bad credit history, it is always good to start working on those negative accounts.

We can help you to fix your Bad credit history. We know the right people in Mortgage Lending.

Mortgages are provided by third party Lenders.

Please call us at 718-779-6188 to schedule an appointment with our mortgage bankers.