Why should you get pre-approved for a mortgage loan?  It is now more important than ever to get pre-approved before you go house shopping.  Before you begin to shop for a new home, you need to get pre-approved by a NH or MA mortgage proessional. By obtaining a mortgage pre-approval letter you are documenting that you are approved for a mortgage in NH or a mortgage in MA.  This will put you in a better position as a buyer. Understanding the distinction between being pre-qualified for a mortgage and pre-approved for a mortgage is very important. The difference between the two terms will be crucial when you decide to make an offer on a house.

Mortgage companies in NH and MA are changing their guidelines daily and sometimes several times a day.  If you are looking to buy a property it is more important than ever to get pre-approved for a mortgage loan.  Speak to your mortgage banker about locking into a mortgage rate.  This will ensure that your NH mortgage rate or MA mortgage rate will still be there tomorrow and at the time of closing. 

To get pre-qualified for a loan, I will collect information about your debt, income, and assets. We’ll look at your credit profile and assess goals for a down payment and get an idea of different loan programs that would work for you. I will issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow.

It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend. Getting pre-approved for a loan gives you competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount.

To get pre-approved, you will complete a mortgage application and provide me with various information verifying your employment, assets and financial status such as W-2 forms, bank records and credit card statements. We’ll review your mortgage options and submit your application to the lender that best meets your needs. Once the application process is complete you will receive a pre-approval letter indicating the amount your mortgage lender is willing to lend you for your home.