We’ve never shied away from acknowledging the complexity of the home buying process, especially when it comes to applying and getting approved for a mortgage. And it all starts with pre-qualification for a loan.
As indicated by the “pre” in pre-qualification, this does not actually mean someone is approved for a loan. It simply means that, based on credit score and a quick financial status snapshot, one is likely to be approved for a mortgage.
This loan pre-qualification is needed before a mortgage application can start. To help you get started in your home search on the right foot, we’ve outlined six satisfyingly simple steps for loan pre-qualification ...
Simply Check Your Credit
You can’t get pre-qualified for a loan, let alone approved, without a credit score. So it’s important to have a clear idea of your credit score and history before you apply for pre-qualification. You can check your score with your free annual report or through multiple online sources available to consumers today.
Securely Communicate with Loan Originator
Your loan originator is the person in charge of your mortgage file from start to finish. They’ll provide with you all the necessary information and disclosures regarding your mortgage, and let you know what information or documents you need to provide for your file. Today, it’s easier than ever to securely communicate with your loan originator, through options including email, text messaging and mobile apps.
Search for a Lender You Can Trust
It’s always important to find the best rate for you, but what should be the most important is working with a reputable company. At Guardian Mortgage, we are backed by a nationally chartered bank. We also service 98% of our loans which means you are sure to avoid customer service issues in the future.
Safely Apply Online
Without question, the mortgage application process requires a lot of paperwork, but these days much of the process can be completed online. And, applying for pre-qualification can be done safely and quickly online. At Guardian, we have been doing this for years, and have the process fine-tuned for you.
Successfully Receive Pre-Qualification Letter
Once you’ve applied for pre-qualification and submitted the necessary documentation to verify employment and income, you’re all set to receive your pre-qualification letter. You’ll want this in-hand before submitting an offer on a house.
Submit Pre-Qualification Letter
The sixth and final step is to submit your pre-qualification letter to your real estate agent. Since they’ll submit any offer you make, they must have a copy. From here, you’re hopefully not far from having your offer accepted, and on your way to closing on a new home.
Getting approved for a mortgage is a long, complex process – one that starts with getting pre-qualified for a loan. If you follow these six satisfyingly simple steps, it should be a painless and easy process to get started on a successful home buying journey.