3 Essential Mortgage Pre-Approval Steps for a Home Loan
Searching for homes is a fun time with so many homes to see, discovering new cities, and imagining yourself living in one of these beautiful homes. Despite this pleasant time, if you are serious about the home buying process, your days will be typically spent at a mortgage lenders office. Whether you are at our mortgage pre-approval Granada Hills office or visiting other California mortgage lenders, this is a time to help you obtain a pre-approval letter.
Benefits of meeting with a loan officer:
Check your credit
Discover different loan options
Learn How much you can borrow
Sellers will take you more serious when shopping for homes
Now that you know some of the benefits hover below to discover 3 essential mortgage pre-approval tips.
1. Income verification
When showing proof of your income you need to be ready to show recent pay stubs, earnings made during the present year, any additional income statements, W-2 Statements, and tax returns from the last 2 years minimum. It's always best to call your loan officer to make sure you take the proper documentation
2. Asset Verification
You will need to provide proof of assets. This is critical because it will ensure you truly have enough for closing, down payment, and any cash reserves. Additionally, our mortgage pre-approval Granada Hills experts would like to mention the importance of your FICO score. Every case will be different depending on the loan type, but a higher credit score is always more ideal. It is also important to consider VA loans if you are active military, veteran, or family member of a service member. The biggest advantage available is the zero money down which can end up saving you lots of money. Check out our previous blog if you want to learn 8 other advantages of a VA loan.
3. Credit Score Approval
Every mortgage pre-approval loan officer will require different FICO minimum requirement, but typically anything higher than 680 will help increase chances of getting a loan. This is also dependent on the type of loan you receive so always be sure to check in with a pre approval loan officer in your local area. The mortgage pre-approval Granada hills experts at Globe and Anchor Mortgage work with the borrower despite a low FICO score and let them know of options available to them.
Still Confused? Click the video below to learn more about the pre approval process.
About Globe and Anchor Mortgage
Globe and Anchor Mortgage is a veteran-led mortgage company based out of Granada Hills, California. We specialize in helping families get pre-approval letters and much more. Be sure to check out www.globeandanchormortgage.com or follow us on Facebook for more information.