Importance of a Mortgage Pre-Approval


Purchasing a home will be one of the most significant decisions you will ever make, and you want to make sure you do it right.  First thing you’re going to want to do is to figure out how much you can afford. We certainly don’t want to fall in love with a home we cannot afford.

Many online calculators claim to give you an accurate picture of how much you can afford, but in reality, most homebuyers end up qualifying for an amount less than the calculator initially predicts. What’s the best way to find out what we are eligible for? Consulting and obtaining a pre-approval with one of Lendova’s commission-free Loan Officers.

Understand the Pre-approval process.

Lendova’s online pre-approval process takes a few minutes to complete. The encrypted online application will ask you about your employment, income, and asset information so we can get an initial picture of your Debt-to-Income (DTI) ratio. At this point, our Loan Officers will run your credit report and evaluate your overall creditworthiness. What’s the result? A hassle-free pre-approval letter that gives you an accurate picture of the amount you can borrow for your first home.

If you feel that you need more information on the price range of your pre-approval, Lendova’s Loan Officers will provide you with the maximum amount you are eligible for. For an even firmer approval, ask your Loan Officer about our Underwriting Buyer Approval.

With a pre-approval on hand, you are now ready to make an offer. You can confidently include your pre-approval letter to show your real estate agent and the seller that you’re quite serious about buying the house.

Note: A home mortgage pre-approval is valid for 60 days. Apply now for a pre-approval.

By Lendova