Mortgage pre-approval is the process of determining how much a lender is willing to lend you to buy a home. It helps you to determine the type of mortgage you qualify for, the amount of loan you can get, and the expected interest rate.
Anew Lending, a leading mortgage lender in Sacramento, CA, explains how to get pre-approved for mortgage loans in California.
How to Get a Mortgage Pre-approval in 4 Steps
Mortgage pre-approval is like a dress rehearsal for your actual approval. There is a basic process to getting pre-approved for your mortgage loan in California, and it includes the following steps:
1. Check Your Finances
Before getting pre-approved for a loan, you should determine how much loan you can afford to take and how much you can pay monthly. Carefully examine your finances and decide how much you can comfortably spend on your mortgage monthly.
2. Gather Your Documents
For your pre-approval, your lender will require essential documents such as proof of income, proof of assets, employment validity, bank statements, personal identification, and credit history. Get these documents ready before you apply for pre-approval to make the process less complicated.
3. Contact Mortgage Companies
When you have your documents ready, you can start shopping for mortgage lenders for your pre-approval. It is advisable to get pre-approved by more than one mortgage company so that you can compare their rates which will save you money.
4. Get Your Pre-approval Letter
When your pre-approval process is complete, your mortgage lender will issue you a pre-approval letter. The pre-approval letter is a statement from the buyer telling the seller that your finances are in order. The pre-approval letter is valid for 60 to 90 days, and if it expires, you’ll need to fill out a new mortgage form and get pre-approved again.
Once pre-approved, you can begin the next stage of your home-buying process. However, if your pre-approved amount is less than you expected, you should work on your credits and improve your finances.
Get Pre-approved By Anew Lending Mortgage in Sacramento, CA
If you want to get pre-approved for a mortgage in Sacramento, CA, you can contact Anew Lending Mortgage for a fast and easy pre-approval process.
With Anew Lending Mortgage, you can enjoy access to various types of mortgage loans with the best rates and support from mortgage experts throughout the lending process.
For inquiries and support in your home buying process, contact Anew Lending at 916-655-9381 or visit their website.
