Let a Top Mortgage Lender in Boca Raton Help with Your Loan Pre-Approval

Mortgage Company Coral Springs, FL

It might seem easier to begin your home search by scrolling through homes on Zillow or Trulia, but the best place to start is the pre-approval process. A lender will help you get pre-approved, which means you will be qualified to borrow a specific amount of money for a home loan. It makes sense to know how much you can spend before you start shopping, right? Ace Mortgage Loan Corporation is a top mortgage lender in Boca Raton that can help.

Let our expert mortgage lenders in Boca Raton walk you through the mortgage pre-approval steps.

Receiving a pre-approval letter means you have a lender that is confident in your ability to pay back the loan amount on time.The pre-approval process is one of the best steps you can take to find the home you want. Here’s why:

    • It helps narrow the search range for you or your realtor.
    • You can shop in your price range, without looking outside your budget.
    • Once you’re ready to make an offer on a home, it proves to your realtor, as well as the seller that you’re a serious and qualified buyer.

Getting taken seriously is especially useful in a sellers’ market where the seller could have multiple offers on the table. The buyer with the pre-approval from a reputable lender stands out as a strong buying candidate.

The pre-approval process starts by checking your credit, which includes knowing your credit score and credit reports. Your potential lender will run your credit as well, so it helps you to understand what is there. If your credit score is lower than you expected, take the time to clear it up so you can start shopping for your home. Next, you’ll have to gather documents from your lender. There are typically four items you’re asked to provide:

    • Proof of income – Recent pay stubs, W-2s and tax returns from the past two years
    • Proof of assets – Bank statements, investment account statements.
    • A list of debts – Your debt-to-income ratio is one of the main things a lender looks at when determining the size of your loan.
    • Personal information – You’ll need ID (driver’s license or passport) as well as your Social Security Number for a credit check.

It’s important to remember; a lender provides you with an amount that it determines you are qualifed to borrow. You can borrow less than that amount. You can choose the loan amount and the monthly payment you’ll be comfortable paying. When you’re ready to start the pre-approval process, contact Ace Mortgage Loan Corp. We are a mortgage lender in Boca Raton that wants to help you find your dream home!

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