3.1.2) Get pre-approval for a mortgage
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This article is from the NewlyWed FAQ, by Vicky Larmour vicky@jifvik.org with numerous contributions by others.
3.1.2) Get pre-approval for a mortgage
>Get pre-approved for a mortgage (not just prequalified) before you
>look seriously at houses. If you live in a fast-moving market,
>pre-approval is crucial to being the winning offer.
-Wende A. Feller
>Unfortunately, even if you have all the papers *right there* it
>could take upwards of two hours.
-T
>You only need one pre-approval to go house hunting; go to a loan
>broker who can present your application to the lender who will
>approve you for the highest purchase price. Then you can start
>worrying about what type of loan you really want, and once you
>actually have an offer accepted is the time to research rates and
>apply wherever you can get the best deal. If it takes you more than
>a few months to get in contract (not unusual right now in Northern
>CA) you will have to reapply with updated information anyway.
-Holly Lewis
>This means getting all your tax returns from 1996-98 together, bank
>statements for 3-6 months, W-2's, 1099's, pay stubs, and more paper
>you ever believed possible. Start looking for it all now, and get it
>organized. Being organized will make the process MUCH less stressful.
-Sandi Rollins
>Get pre-qualified now if possible. Even better get pre-approved, but
>make sure that the pre-approval can be extended if you go this route.
>We ran into problems with 30, 60 and 90 day pre-approvals where we
>would have needed to go through the process again once that time was
>up.
-Rachel Sandfordlyn Shreckengast
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