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The Importance Of Pre-Approval Before Purchasing A Home

The most productive first step to take in purchasing a home is obtaining your pre-approval. Getting a pre-approval shows that you are financially prepared and in the event your offer on a property is accepted, there will be no hold ups in obtaining a mortgage. It also provides credibility, establishes how much house you can afford and eliminates potential wasted time looking at homes you can not afford.

Pre-qualification is the first step in your mortgage application process. It helps you to understand the approximate loan amount you qualify for. Your lender will want all of your financial information- debt, income, assets, etc.

Having a pre-approval letter in hand shows the home seller that you are a serious buyer. At KRG we have a preferred lender on staff to assist you with your pre-approval. Just one of the many services we offer at KRG.

Here is what your lender will need: proof of employment, assets, income tax records, credit score, bank statements or any student loan debit.

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