{"id":14629,"date":"2020-12-21T05:43:29","date_gmt":"2020-12-21T05:43:29","guid":{"rendered":"https:\/\/www.morgantaylorhomes.com\/?p=14629"},"modified":"2020-12-21T05:43:32","modified_gmt":"2020-12-21T05:43:32","slug":"how-to-get-pre-approved-for-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.morgantaylorhomes.com\/how-to-get-pre-approved-for-a-mortgage\/","title":{"rendered":"Financing Your Home: How to Get Pre-Approved for a Mortgage"},"content":{"rendered":"\n

Purchasing real estate can bring with it a welcome change and a new season. A new home where family and friends can gather and make memories together.<\/p>\n\n\n\n

But to get to the move in and start making those memories, there is an extensive process involved that will require your time and attention. It is essential to do some preemptive planning before you begin to get serious about building or buying a home.<\/p>\n\n\n\n

If you plan to obtain a home loan<\/strong><\/a>, it is a good idea to apply for pre-approval before making any serious offers. Sellers will often require a preapproval letter and sometimes proof of funds before they will seriously consider you as a potential buyer.<\/p>\n\n\n\n

Whether you are looking to buy or build a home, it is wise to work with a company that can offer you a complete solution. Doing so will make the process of obtaining your new home, from financing to receiving the keys, as smooth as possible. At Morgan Taylor Homes<\/strong><\/a>, we provide a team of experts that can assist with all phases of the home buying and building process.<\/p>\n\n\n\n

In this article, we\u2019ve put together some helpful information for you to know going into the mortgage pre-approval process.<\/p>\n\n\n\n

The Mortgage Pre-Approval Process<\/strong><\/h2>\n\n\n\n

Having a solid understanding of what mortgage preapproval is and what the mortgage application process entails will better prepare you for navigating the home buying process. We will go over these items below, as well as, the difference between prequalification and pre-approval.<\/p>\n\n\n\n

Prequalification vs. Pre-Approval: What\u2019s the difference?<\/em><\/h3>\n\n\n\n

Understanding the difference between prequalification and pre-approval is the first step to clarifying what you can afford when purchasing your new home<\/strong><\/a>.<\/p>\n\n\n\n

Prequalification is helpful when first beginning your house hunting journey. It gives you a general idea of the mortgage rate you will receive from a lender.<\/p>\n\n\n\n

During this process, you will provide an overview of your finances to the lender. In turn, they will give you an estimate for the interest rate and the loan amount you will receive. However, this estimate is solely based on the information you provide them, so it will not mean much to a seller when considering you as a home buyer.<\/p>\n\n\n\n

By contrast, pre-approval is helpful when you are beginning to seriously consider purchasing a home and have narrowed down your search. During the application process, you will provide specific information regarding your finances to the mortgage lender<\/a>. They will check your credit and other aspects of your finances. This is so they can give you a more accurate offer regarding the interest rate and the loan amount you will be able to receive.<\/p>\n\n\n\n

It is important to note that obtaining pre-approval does not necessarily mean you are guaranteed approval. Once you have selected your home, there are a few more steps before you have the final loan approval. These steps include:<\/p>\n\n\n\n