What is the process for a pre-approval for the mortgage

What is the process for a pre-approval for the mortgage

Please help

Re: What is the process for a pre-approval for the mortgage

We went through a mortgage broker...basically we gave them all of our information regarding how much money we have in our accounts, how much money we make, etc...then they gave us a pre-approval up to a certain amount based on how much debt service we could cover each month considering how much money we would put up front. if you need a mortgage broker let us know...we liked ours for Wells Fargo.

Re: What is the process for a pre-approval for the mortgage

Some mortgage brokers will not give a pre-approval letter until you find a house you want ot make a bid on. I suggest if your broker doesn't give them at first to find out how much you can afford if you crunch the numbers yourself and then when they crunch the numbers. It literally takes 20 mins to get a pre-approval letter and they basically mean nothing but everyone wants them to make sure you are a serious buyer.

Re: What is the process for a pre-approval for the mortgage

There is preapproval and prequalification. Prequalification usually only involves a credit check and really doesn't hold much weight. Preapproval is a more formal process through a broker or bank. This involves a credit check, tax returns, pay stubs, and bank statements. You will have to produce last 2 years tax returns, 2 months of pay stubs, and 2 months of bank statements.