Financial Fitness

How to get pre-approved for your first mortgage

By Interior Savings
May 7, 2019

From start to close, there’s a lot that goes into finally getting your keys and becoming a homeowner. If you’re serious about buying, the journey to homeownership will likely begin in a Mortgage Specialist’s office – not at an open house.

 

Pre-qualified and pre-approved: what’s the difference?

Although these two terms may sound similar, being pre-approved for a mortgage is very different from being pre-qualified. Mortgage pre-qualification is when a Mortgage Specialist gives you a tentative assessment about how much you would be able to borrow based on some preliminary information (like your income, debt and assets). Keep in mind that a pre-qualification isn’t a guaranteed loan.

Getting pre-approved for your mortgage is a much more significant milestone in your journey to becoming a homeowner because you receive an actual commitment from your lender (although it can be subject to certain conditions).

 

How does pre-approval work?

Once you’ve sat down with one of our Mortgage Specialists, we’ll go through a series of steps that’ll look something like this:

  1. You and your Mortgage Specialist will take an in-depth look at your current financial situation and determine the right mortgage amount, down payment value, purchase price and so on, for you.

  2. Your Mortgage Specialist will review the mortgage options Interior Savings currently offers and help you identify which mortgage best suits your unique needs.

  3. You’ll fill out an application with details that include your current employment, income, assets, liabilities and more.

  4. Interior Savings will ask for permission to obtain a credit bureau report.

  5. Your Mortgage Specialist will provide you with any further details that surround the conditional approval of your mortgage.

 

Why should you get pre-approved?

Getting pre-approved for a mortgage will save you valuable time in your journey to becoming a homeowner. You won’t be looking at homes you can’t afford. You’ll have a better idea of what your monthly expenditures will be. Real estate agents and home sellers will also be more likely to consider you a “serious” buyer.

Finally, there’s absolutely no cost to you in getting pre-approved! Make sure you check out our First-Time Home Buyer’s checklist for a list of documents you’ll want to take along to your pre-approval appointment.

 

Book your appointment today

If you feel like you’re ready to sit down with a Mortgage Specialist to hear your options but you’re unsure about how that will fit into your daily schedule, our Mobile Mortgage Team is ready to help. Our Mobile Mortgage Specialists live where you do so they better understand your needs and concerns.

And, they can meet with you on your schedule – wherever you want, whenever you want.

Get in touch with an Expert near you.