How do I go about getting a pre approved letter for buying a house?

Share This

I want to buy a house and I need a pre approved letter from a bank or mortgage broker, how do I shop around? My concern is that the will have to run my credit to see what I quilify for before they do anything, correct? However,shouldn’t that hurt my credit score?. Should I first request to get their rates before the run my credit so that I can compare?

3 comments to How do I go about getting a pre approved letter for buying a house?

  • Kaitlyn McPartlin  says:

    Go to a mortgage lender or bank. But stay away from Bank of America or Chase. They are incompetent at both places, and they take much longer to close than normal. Also, Bank of America will send appraisers that give low-ball appraisals compared to what other appraisers would give, and Chase will wait until a few days before closing and call the buyer and be like “oh, by the way, there’s a missing document and we can’t close.”

  • loanmasterone  says:

    Obtaining a pre-approval would not be such a hit on your credit score as you might think. You are not able to purchase a house without a pre-approval or pre-qualification letter.

    Buying a house is a step by step process, this is the first step you should take in order to purchase a house. The rest of the steps will fall in place, no matter the type of property you are purchasing.

    In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, you can find one in your local telephone book.

    Make sure this mortgage broker or mortgage banker is able to do government loans such as USDA, FHA and VA loans if you qualify for one. With a VA mortgage loan you are not required to have a down payment, this will save you on closing cost.

    He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

    The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

    When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

    #1 One month of pay stubs for each person that will be on the mortgage.

    #2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

    #3 Two years of federal income tax along with the W-2 that match.

    Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

    Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

    Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

    If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

    You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

    Make sure your mortgage broker explain all your options so you may make an intelligent decision.

    What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

    So select the best option for you and your financial situation.

    You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

    Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign. Your mortgage broker will now order an appraisal to show proof of the property value.

    The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.

    After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

    Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

    I hope this has been of some benefit to you, good luck

    “FIGHT ON”

  • Ursugardaddy  says:

    The period of time, sometimes referred to as the “shopping window,” ranges from 14 to 45 days, depending on which version of the FICO scoring model is used.

    If you want to buy a home then go for it….Have you ever wonder why are people called homeowners? This has to be the most outrageous lie on earth. We call someone an owner even when they have a mortgage, can’t everyone see how stupid this is? You’re not the owner until you make the last payment. Even if you pay your mortgage you can never finish paying your property tax.

    No body is a homeowner the government won’t allow it. The American Dream of home ownership is the greatest lie ever told, and the reason has nothing to do with mortgages and affordability. The word ownership comes from “owe no one”. Ownership is the flip side of liberty; they are but heads and tails of the same coin. When we contradict the concept of ownership by calling people homeowners when they can never be free from debt we destroy the concept of liberty. Liberty is impossible without your right to become free from debt. Slavery should be defined as when someone or government can force you to pay them because of what is supposed to belong to you. Not all slaves are created equal and slavery is often disguised and justified by benefits the slave receives from the owner or masters. Slavery prohibits the private ownership of property and can be defined as a tax on what belongs to you, or a tax on ownership. The truth is it’s actually impossible to tax ownership for to do so is slavery and makes those in control of the tax the owners. You can’t tax ownership any more than you can make the earth flat by religious decree. Property tax clearly prohibits the ownership of property.

    With traditional slavery the tax was on your body and you paid with labor under the threat of a beating. Today we must pay with money and the threat is the government will take your property which they have the audacity to claim you own. Every local government in America threatens to murder its citizens by throwing them into a hostile environment if they don’t pay their property tax. Property tax is the ONLY tax that FORCES you to make money for the state and places you into eternal debt. Government did create money but God made the land and government has no right to replace God and charge you for your existence, stake claim to all the land and make you their slave with properly tax. You can’t appraise the value of a home in monetary terms any more than you can put a price on liberty.

    It’s absolutely incredible but the legal definition of property tax is “a tax on ownership”, that this is the best definition of slavery obviously escapes those whom have power over us. The American Dream of home ownership is the most successfully concocted Orwellian deception ever devised. I see no difference between being forced to grow cotton under the threat of a beating and being forced to grow money under the threat of being made homeless except that our plantation has become a lot bigger. In fact, I would love to have the option of taking a beating if it would protect my family from government throwing us in the street. Even Medieval serfs had the option of paying with chickens, some other farm product, or manual labor us modern serfs must pay with cash something only the government can make. In American you can own your pants and shirt but no one is allowed to own their home. America is the land of the slaves and the home of the deceived.

    Just because you own a home it doesn’t provide security because if you cant pay your property taxes or HOA fees, you will lose your home anyway

    Take Care

Leave a reply