Wednesday, August 7, 2013

How to Get Pre-Approved for a Mortgage

There is a great deal of confusion about how to get pre-approved for a mortgage (probably because just about anyone can get a job selling mortgages - there is no IQ test to be a lender - and a lot of us don't have the slightest idea what we're doing). 

Here is the mortgage pre-approval process:
  • A lender needs to pull your credit, and will ask you where you lived for the past two years, how much money you make and where you worked for the past two years, and how much money you have in the bank.  All of this takes about 15 minutes on the phone.  There is no need for you to fill out a loan application online or come into the office of the lender.  A good lender can do it all over the phone.  By the way, this is free.
  • The lender then enters all this information into underwriting software, and the software tells you how large a loan you qualify for.
  • The lender checks the underwriting guidelines for the investor they will be using, and also checks the guidelines for the mortgage insurance company they will be using (only if mortgage insurance is required).
  • That's it.  You're ready to shop for a house.
If you have experienced something that is more complicated than this, you need to use a different lender.  Give us a call and see how easy it is to get a mortgage.


Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!


Make sure you check out our web site:



By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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