How do I get pre-approved for a mortgage? - First step is to talk with your mortgage broker. Your mortgage broker will discuss with you what you are looking to do, take an application and look at your credit.

Your preapproval may only be good for a certain time frame, typically from 30-90 days.

When you are pre-approved for a mortgage, it means a lender has looked closely at both your credit report and your income an determined that you qualify for a loan. The lender will tell you the maximum amount of loan they will offer, which loan programs you qualify for and will discuss the interest rate you will offered for different types of loans.

A pre-approval letter is a powerful tool in your search for a new home. It shows the sellers that you're serious. Many buyers find that they have increased negotiating clout if they are pre-approved before they conduct their home search.

The pre approval letter also helps give the borrower a peace of mind that they have taken the necessary steps to ensure they are not heading into something in the dark. It additionally builds confidence in the broker and loan officer that they are being handled correctly and competently.

Your mortgage broker will usually run your credit and ask you to state your income and asset information when determining a pre approval.

When you are pre-approved you do not have a loan yet. You still need to get an approval. However by providing the correct information to your broker you can get a pre-approval quickly.

A pre approval letter does NOT guarenty you a mortgage. You may still loose the loan if you make any drastic changes to your income or credit during the loan process.

For a true pre-approval, you must submit all necessary documents that serve to verify you income and assets. If you have just told the Loan Officer about your income and assets, without them being verified, then you are being pre-qualified, not pre-approved. The one exception would be if you are getting pre-approved for a stated income/stated assets loan program.

And with pre-approval, income, employment and assetts are verified unlike being pre-qaulified where the mortgage broker will only pull credit and get other information verbally.

Pre-approval is for the borrower only. Once you have found a property you are interested in purchasing the "property" will also have to qualify with a lender.

When getting pre-approved for purchasing a home, the mortgage broker will send a "pre-approval" letter, stating that you are approved for the purchase of a home, up to a certain dollar amount. Then you will know what size home (in dollars), that you should be looking for.

Home buyers armed with a Pre-approval Letter is often looked upon favorably by sellers because it shows that the homebuyer has taken the time to get approved and is serious in finding a house. Moreover, it shows the seller that this homebuyer will be able to procure financing.

The pre-approval is not a commitment to lend. It is simply a letter stating that, with the information you provided, you are qualified for a loan for a certain amount. Should any information you provided change, it may affect whether or not you qualify, or the amount you qualify for.

To get pre-approved for a loan simply call your broker.

A pre-approval does not guarantee a rate, so when you find a property and are ready to proceed with a transaction, your loan will be subject to the prevailing interest rates at that time.

Different states have different requirements regarding mortgage loan approvals. Consult with your mortgage specialist to see if your state has special laws or statutes regarding pre-approval.

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