The brokers of MortgageGuys.com are ready to get you on the path to home ownership. The first step is to be pre-approved. By gaining pre-approval, you will be able to know how much you can spend on a new home, how much your monthly payment will be as well as interest rates and more. At Mortgage Guys, we make the pre-approval process simple. Our brokers quickly assess your credit and personal information to provide you with the necessary steps to begin finding your dream home.
Why is Pre-Approval So Important?
If this is your first-time shopping for a new home, you may be wondering why pre-approval is so important. There are two reasons why pre-approval is the most important first step in the process. To begin, the process will help you learn what size mortgage you can afford. There is nothing worse than seeing a potential home buyer looking at their dream home only to find out they cannot afford the price of the home. By being pre-approved, consumers can search for homes in their price range. Finding the right home that is easily affordable.
With pre-approval, consumers also will see a hold placed on the mortgage rate for as many as 120 days. This helps to lock in low interest rates. Without this pre-approval, you may have had the opportunity to secure a mortgage with a 2% interest rate only to find out the rate has went up to 3% as your search for a home continued. By securing the rate, you have the protection in place to have a lower interest rate on your mortgage which will help you lower your monthly payment.
Secure and Free Process
Our pre-approval process is completed free of charge with no obligation to you. We simply want to provide you with the information you need to be able to make an informed decision when purchasing a new home. Your personal information is processed on secure servers so you never have to worry about privacy concerns. We can guarantee that you will have the lowest interest rate for 120 days with certain lenders, helping to lower your monthly payments.
Our process is quick and easy, taking only a few minutes to complete the short form. The information you provide will determine your pre-approval along with supporting documentation provided by you. Be honest and upfront with all information provided and our brokers will work with you to see you approved with the best terms and rates. Our broker’s job is to shop mortgage lenders on your behalf, finding you the best deal possible. We represent you first and work hard to find the best options for your mortgage needs.
Important Factors to Consider
There are several factors that count the most when you are being considered by a lender for loan approval. These factors include:
- Employment History
- Credit History
- Property Value
A strong loan applicant for a mortgage will have a lower house expense ratio, usually no higher than 32%. The debt to income ratio should be 44% or less with the purchaser having steady income. Having the same employment position for two years or more is very helpful. Good credit is also a major factor.
Once a home has been chosen by the buyer, the lender will want to ensure that the home is worth the price that will be paid. The loan approval will be based on the property value. This is an assurance to the lender that they will be able to make their money back if you were to stop making the monthly mortgage payments.
Overall, the pre-approval process provides you with the information you need to make the right decisions when purchasing a new home. Let our lenders at Mortgage Guys provide you with the pre-approval needed to begin your search for a new home.