Part 2: Mortgage Preapprovals

If you read our previous blog post on mortgage preapprovals, you already know how important it is to have one before you start looking for a home.

A mortgage preapproval lets you know how much house you can afford, makes putting offers in more competitive and also locks in interest rates for a set period of time. Now that you know how important a preapproval is, it’s time to think about what documents and information you will need to gather before actually getting a preapproval.

What You Need to Get Pre-Approved for a Mortgage:

  • Photo ID – this one is pretty obvious, but it’s essential to have official photo identification when applying for a mortgage preapproval.
  • Proof of income – usually in the form of pay…

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Part 1: Mortgage Preapprovals

One of the questions I get asked the most is, should I get preapproved for a mortgage before looking for a new house?

The general answer to that question is yes. A mortgage preapproval comes in the form of a letter and will accurately measure your income, assets, debts and down payment amount in order to let you know exactly how much you can spend on your home.

The biggest upside to getting preapproval is because it gives you a ballpark budget to keep in mind before you start seriously looking for a home to buy. This will ensure you know exactly what you can afford. One of the most common mistakes I see from home buyers is that they fall in love with a home they simply cannot afford because they have not taken the…

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