The main difference between a pre-approval and a loan application is that there is no specific property when a pre-approval is issued. A pre-approval means that your mortgage consultant will gather all the necessary information to give you a full approval, subject to a successful appraisal… giving you the same negotiating strength as a cash buyer. It also means that you will be able to close your loan quickly and the seller can move into their new home faster.
The first step in obtaining a mortgage loan is determining a mortgage payment budget. As a general rule, this budget shouldn’t exceed more than 28% of a person’s gross income. To learn more about preparing a mortgage loan application, take a look at this financial planning infographic.
If you're thinking about buying a home start pulling together the documents your lender will need to approve your loan. | Robyn Porter, REALTOR | Your Real Estate Agent for Life® | Washington DC metro area | call/text 703-963-0142; email firstname.lastname@example.org #infographic #homemortgage
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