How to Obtain a Mortgage Pre-approval - Home Loan Experts with Great Mortgage Rates Serving Colorado, Florida, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin

Friday, March 22, 2013

How to Obtain a Mortgage Pre-approval

Obtaining a pre-approval is the first major step in purchasing a home. For first time homebuyers, the pre-approval process may seem convoluted, but it is actually very simple. United Home Loans offer free pre-approvals for borrowers in Illinois, Michigan, Minnesota and Wisconsin for both first time and current homeowners. Here a few pieces needed to issue a pre-approval:

Credit Score – credit score plays a key role in determining the rate and program type you qualify for. Mortgage companies pull a tri-merged report, meaning they pull a score from each bureau. Your qualifying score, also known as your qualifying FICO, is the middle of the three scores. If there are two borrowers, the lower of the two middle scores is used in qualifying.

Income Verification – income verification is required to determine your ratios, and the monthly payment you will qualify for. To verify income, you will need to submit paystubs covering a 30 day period, 2 most recent years of W2s and possibly the 2 most recent years of tax returns.

Asset Verificationassets will need to be verified to determine sufficient funds to close and down payment funds. Liquid assets – such as checking, savings, or money market account need to be provided, or non-liquid assets such as retirement or investment accounts need to be provided and liquidated prior to closing.

United Home Loans is licensed to lend in Illinois, Indiana, Michigan, Wisconsin and Minnesota and offers competitive quotes on both fixed and adjustable rate mortgages. Please call us with any questions or to begin your pre-approval! Call (708) 531-8388


Illinois Mortgage Rates
IL 30 Year Fixed mortgage as of March 22, 2013 3.500%/3.539 APR
IL 15 Year Fixed mortgage as of March 22, 2013 2.750%/2.819 APR

Please click this link for APR assumptions and more IL mortgage rates


Indiana Mortgage Rates
IL 30 Year Fixed mortgage as of March 22, 2013 3.500%/3.539 APR
IL 15 Year Fixed mortgage as of March 22, 2013 2.750%/2.819 APR

Please click this link for APR assumptions and more IL mortgage rates


Michigan Mortgage Rates
IL 30 Year Fixed mortgage as of March 22, 2013 3.500%/3.539 APR
IL 15 Year Fixed mortgage as of March 22, 2013 2.750%/2.819 APR

Please click this link for APR assumptions and more MI mortgage rates

Minnesota Mortgage Rates
IL 30 Year Fixed mortgage as of March 22, 2013 3.500%/3.539 APR
IL 15 Year Fixed mortgage as of March 22, 2013 2.750%/2.819 APR

Please click this link for APR assumptions and more MN mortgage rates


Wisconsin Mortgage Rates
IL 30 Year Fixed mortgage as of March 22, 2013 3.500%/3.539 APR
IL 15 Year Fixed mortgage as of March 22, 2013 2.750%/2.819 APR

Please click this link for APR assumptions and more WI mortgage rates

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