what is a mortgage pre approval

The mortgage pre-approval process is complex, but it's a necessary step in having the best chance of securing the house of dreams.

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SureStart Pre-approval is a registered service mark of Citigroup Inc. Final commitment is subject to verification of information, receipt of a satisfactory sales contract on the home you wish to purchase, appraisal and title report, and meeting our customary closing conditions. There is no charge to receive a SureStart Pre-approval.

A mortgage loan pre-approval lets everyone involved know that you’re serious about buying a home. That includes your agent, the sellers and the seller’s agent. Typically a lender will have you complete a mortgage application to start the process. Speak to a lender now and get current rates. The Mortgage Pre-Approval Process

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The pre-approval is the first step in the process. It occurs before you find a home. It focuses strictly on your basic factors. The lender will look at your paystubs, W-2s, bank statements, and credit report. It tells sellers and realtors you meet the basic requirements for a loan. The pre-approval shows the following details:

Ready to start looking for a new home? Learn why you should consider getting a mortgage preapproval first and how you can get one.

A mortgage preapproval outlines the loan amount your lender is potentially willing to grant you. mortgage preapprovals usually last for 60 to 90.

Getting a mortgage preapproval can give you a big advantage in the home-buying process, so much so that’s it’s almost standard these days in most areas of the country.

If you’re on the market for a mortgage, you probably know that lenders won’t just shower you with money when you show up at their office with a smile and a heart-warming story about how you’ve found.

Enter pre-approval. A mortgage pre-approval is a document issued by a lender that shows sellers that you’re a serious buyer. It proves that your finances, employment, and other pertinent information have been evaluated and that you’ve been qualified for a loan up to a certain amount.

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