The main difference between a pre-approval and a loan application is that there is no specific property when a pre-approval is issued. A pre-approval means that your mortgage consultant will gather all the necessary information to give you a full approval, subject to a successful appraisal… giving you the same negotiating strength as a cash buyer. It also means that you will be able to close your loan quickly and the seller can move into their new home faster.
The first step in obtaining a mortgage loan is determining a mortgage payment budget. As a general rule, this budget shouldn’t exceed more than 28% of a person’s gross income. To learn more about preparing a mortgage loan application, take a look at this financial planning infographic.
Ready to implement reproducibles to help you in organizing your mini-economy: Teacher/student checks, savings/checking account balances, deposit & withdrawl tickets, job application, income tax form, loan application, and desk and locker rental contracts
If you're thinking about buying a home start pulling together the documents your lender will need to approve your loan. | Robyn Porter, REALTOR | Your Real Estate Agent for Life® | Washington DC metro area | call/text 703-963-0142; email email@example.com #infographic #homemortgage