Get Pre-Approved for a Mortgage

Pre-Approved Mortgage

Get Pre-Approved

First of all, let’s make an important clarification. Pre-qualifications are not the same as pre-approvals.

Pre-qualifications will give you an idea of what kind of loan you may qualify for and can typically be completed in minutes. This informal estimate may be just fine for those in the very early stages of the home buying process.

Pre-approvals are more involved and are a better indication of your ability to fully qualify for a mortgage loan. In order to get pre-approved, we will gather all the information we need to begin the loan process. This typically involves a credit check as well as income and asset verification. Typical documents required for a pre-approval include:

  • Bank statements
  • W-2s
  • Drivers License/Identification
  • Paystubs
  • Proof of IRAs or retirement accounts and their balances

Good Faith Estimate

After successfully getting pre-approved for a mortgage, you will receive a Good Faith Estimate (GFE). A GFE is a brief document that details the likely terms of the loan, including interest rate, loan type, and closing costs. All that said, a pre-approval is not a binding agreement between you and your lender – final loan approvals require the attention of our experienced underwriting team.

Benefits of Getting  Pre-Approved

Getting pre-approved has several advantages over basic pre-qualifications:

  • Your Realtor knows you’re serious when you present a pre-approval letter – and will work even harder on your behalf!
  • Sellers prefer to negotiate with prospective buyers with pre-approvals over simple pre-qualification letters – often times sellers won’t even consider your offer without a pre-approval letter from a licensed mortgage loan originator!
  • Your mortgage pre-approval letter takes into consideration down payment percentages, interest rates, property taxes and mortgage insurance – which makes it clearer to you (the buyer) just how much you can truly afford to borrow.
  • A solid pre-approval will help you get your loan processed faster. Getting a pre-approval could take your offer from a 60 day closing to as little as 30 days.

Shop Smart

You’re not likely to shop for a car without knowing what you can afford, so why would you house shop without knowing what type of loan you may qualify for? A pre-approval helps you make educated decisions about one of the most important investments of your life.

Contact an Inlanta Mortgage loan officer near you and begin the pre-approval process today to enjoy a new home this year!

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Mortgage Mythbusting

Mortgage Mythbusting

The world is flat. The sun revolves around the earth. Banks aren’t lending. What do these statements have in common? Well, you can probably see where we are going with this…but those statements are all false.

So, what mortgage myths are out there that need to be de-bunked?

Myth #1 – Banks aren’t lending.

We are lending. Inlanta Mortgage continues to see a record number of home buyers applying and qualifying for mortgage loans. Although, lending restrictions may be a bit tighter than they used to be – Inlanta customers have a number of home financing programs to choose from including low or no down payment options.

Myth #2 – APR & Interest Rates are the same thing.

Wrong. The interest rate is the price you pay to borrow money. APR (annual percentage rate) includes other fees that you may have financed into your mortgage loan. Don’t be fooled when shopping for a mortgage – if an APR is suspiciously low than you will likely be required to pay closing costs and other fees up front. The decision to finance closing costs and fees in your mortgage loan is a personal decision based on number of factors. Consult your mortgage lender to determine what financing options are best for your specific situation.

Myth #3 – You can be pre-approved for a mortgage without a credit check.

If you’ve been told you that are pre-approved for a mortgage loan, but the lender never verified your employment or pulled your credit- you have not been properly pre-approved. More than likely – you have been pre-qualified. Pre-qualifying is not the same as a pre-approval. Pre-approvals have several advantages over prequalification. Read our blog post Get Pre-Approved for more information on pre-approvals.

Honest and ethical business practices are the hallmark of the Inlanta Mortgage’s culture. Our lending professionals strive to provide the best level of service to each and every mortgage loan customer. Are you buying a home? Find a licensed mortgage lender near you to discuss your unique home financing needs.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Rents Rise as Rental Vacancies Decline

As rental vacancies decline, rents rise. It’s a simple matter of supply and demand. Rising rent prices make rental properties more lucrative to investors who then flock to purchase homes and get in on the action. As a result, first time homebuyers looking to take advantage of low rates and low home prices will face stiff competition from investors.

Rents Rise as Rental Vacancies Decline

 

All that being said – don’t let yourself become discouraged! Now is still the best time to purchase your first home. 15-year and 30-year mortgage rates are at all time record lows. Consult a licensed mortgage loan professional to get
pre-approved for a mortgage loan today. Armed with a pre-approval letter, a Realtor can help you find the home of your dreams. Read more about why you need a pre-approval here.

Are you ready to take advantage of the lowest mortgage rates in history and low home prices? Contact and Inlanta Mortgage loan professional to discuss your specific financing needs and get your pre-approval letter today. Click here to find an Inlanta Mortgage loan officer near you.

Still on the fence? Read more about rising rent prices here or discover why home ownership matters here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

 

Graphic Source: ClearCapital.com

The Home Buying Process – Series Intro

Buying a House Should Feel Like This

With rock bottom home prices and the lowest mortgage rates in history, how do you really know if it’s the right time for you to buy a house? It seems no matter where you go these days, you can’t escape the phrase “Now’s the time to buy!”

Buying a house is the biggest financial decision most people will undertake in their lifetimes. Many people wonder “Where should I begin?” To address this question, we are beginning a series of blog posts that will explain the home buying process.

Some of the issues we will address in this blog series include:

1. Selecting a Licensed Mortgage Loan Originator
2. Get Pre-Approved! Why Do You Need a Pre-Approval Anyway?
3. What Documentation Will Your Lender Require?
4. Selecting a Mortgage Loan Program – The Basics
5. Selecting a Mortgage Loan Program – VA, USDA, FHA
6. Finding a Real Estate Agent
7. What Not To Do When Trying to Purchase A Home
8. Making An Offer They Can’t Refuse
9. Processing – What Happens Now?
10. Underwriting and the Clear to Close

Check back often for new posts on this valuable and informative blog series. New posts should be available by Wednesday of each week.

Also keep a look out for future posts in our Understanding Your Credit series with guest blogger Sam Parker from Heartland Credit Restoration. And remember – if you find our blog helpful – share it with your friends!

If you would rather get answers now – Inlanta Mortgage’s team of qualified loan professionals can answer questions about the home buying process anytime you want. Click here to find a licensed mortgage loan officer near you.

Perhaps you are already familiar with the home buying process. Submit a secure mortgage loan application online here.

Click here if you would prefer to hear from some satisfied Inlanta Mortgage customers.

Inlanta Mortgage is based in Brookfield, Wisconsin and is licensed in fourteen states.  Inlanta NMLS # 1016