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How to Get the Mortgage You Need – Expert Tips

It can be daunting applying for your first mortgage, and the idea of sharing so much personal information with a real estate agency isn’t the easiest thing in the world. The situation becomes even scarier when faced with the prospects of being denied the ability to purchase your dream home.

To best fight the fear of obtaining your first loan, you should head to your appointment armed with as much knowledge as possible. This knowledge, consequently, will also allow you the best chance at being approved. If your ready to begin, check out these expert tips below.

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How Do You Know if You Qualify for Mortgage Preapproval?

If you want to know whether you’re ready to buy your first home, a mortgage preapproval is the way to go. Preapproval will allow you to start bidding on homes because buyers are far more likely to take you seriously. Here’s everything you need to know about mortgage preapproval and whether you’re likely to qualify in your current financial situation.

Prequalification vs. Preapproval

Many people seem to think that mortgage prequalification and preapproval are the same things, but this is not at all the case. Prequalification is essentially a conversation with a lender in which you provide some basic information and your lender tells you whether you’re likely to qualify for a mortgage based on that information. The preapproval process is much different, and it requires a hard credit check along with several other very important elements.

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Get your Home Purchase Pre-Approval Before you Start Shopping

Mortgage Preapproval

Many people are so excited about the prospect of buying a home that they completely forget about the fact that they need to get approved for a mortgage before they even start looking at homes. However, despite the fact that mortgage pre-approval is required by most realtors, research has shown that less than 10% of buyers are taking this crucial step beforehand.

What is a Mortgage Pre-Approval?

To get approved for a mortgage, you will need to submit a host of documents to your lender, all of which will determine how much of a mortgage you will be able to qualify for. Documents that are needed to get pre-approval include pay stubs, your W-2 documents from the past two years, your previous 2 federal tax returns, at least two months’ worth of bank statements and the most recent copy of your credit report. In cases where you are self-employed, you may find yourself having to provide at least one full years’ worth of federal tax returns so that your lender can determine what your average income has been during this time.

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