Our Atlanta mortgage experts understand that the process of buying a home can be fraught with many emotions. The excitement of finding a new living space. The anxiety of figuring out the many steps involved in purchasing a house. The bewilderment at how to embark on the journey to become a new homeowner. Though all of this can feel a bit overwhelming, the Atlanta mortgage experts at BrightPath are here to assist and assure you every step of the way.
While there are several avenues you can take to begin the search for your next home, our Atlanta mortgage experts recommend you begin with procuring a pre-approval for your mortgage.
Atlanta Mortgage Experts: What is a Pre-Approval?
According to our mortgage experts, acquiring a mortgage pre-approval is a crucial first step when looking for a new home. But you may be wondering, what is a pre-approval?
According to Investopedia, pre-approval refers to the process of a lender examining your credit and verifying your documentation to approve a specific loan amount for your home purchase based on your credentials. After this, the final loan approval occurs when the appraisal is complete, and the loan is applied to your desired property.
Why Do Homebuyers Need Pre-Approval?
Atlanta mortgage experts strongly recommend going through the process of pre-approval before you start the search for your next house because it is the key factor in determining the mortgage loan amount the lender will offer you for your home purchase. This is critical because it will set the parameters of the price range for your search, as well as the type of amenities you can afford. Establishing these factors upfront before your search begins is important because it will prevent you from wasting time and effort looking at homes that may not fit within your monetary range. Our mortgage experts want to ensure you fall in love with a home that fits your lifestyle and your budget.
Atlanta mortgage experts also advise obtaining pre-approval because the majority of sellers will require proof of pre-approval with a letter before they accept your offer.
How to Get Pre-Approval
While the pre-approval process can feel a bit daunting, our mortgage experts have laid out the necessary steps and documentation you will need to get you through the experience with ease. In fact, it is very similar to how you apply for a credit card. To start, you will need to have the following information:
Before going to the lender, our mortgage experts recommend you contact Equifax, Experian, or Transunion to receive your report and review your credit score. This gives you the opportunity to update information, correct mistakes or pay off any remaining balances before submitting it to the lender. This is important because these issues could negatively impact the pre-approval for your mortgage and our Atlanta mortgage experts want to ensure you are set up for success.
Once you have done this, the pre-approval process begins with a full credit assessment, where a lender will evaluate and determine pre-approval based on several factors including your credit score, worthiness and capacity. While they will usually look for a credit score of 600 or above, our Atlanta mortgage experts can help you find lenders that are willing to work with lower credit scores.
Take the First Steps to Become a Homeowner with our Atlanta Mortgage Experts
The Atlanta mortgage experts at BrightPath are eager to use their comprehensive and unparalleled knowledge of the pre-approval mortgage process to assist you through the experience from start to finish. Schedule a consultation with our Atlanta mortgage experts to begin on the path to buying your new home.
