July 23, 2013

Michigan Mortgage Pre-Approval

Michigan Mortgage Pre-Approval - United Home Loans

Your first step toward buying a home in Michigan is obtaining a Michigan mortgage pre-approval. A pre-approval helps you remove some of the stress of homebuying right from the get-go by letting you know exactly how much you qualify for. So go after that second home in St. Joseph or a trendy loft in Ann Arbor with the peace of mind that you can make an offer as soon as you find the home of your dreams.

To obtain a mortgage pre-approval, your lender will review three things: income, assets, and credit. This will allow them to determine how much you can afford on a monthly basis, how much you can put down on a new home, and what loan programs you qualify for. This review will require that you provide certain documents, such as pay stubs, bank statements, W2s and tax returns. Your lender will work closely with you to explain what they are looking for and how these numbers contribute to you reaching your homeownership goals.

In addition to documented proof of your income, assets, and credit, you will also find that most lenders require…

  • Credit score above 620
  • Minimum loan amount of $60,000
  • Down payment of 3-5%

With your pre-approval in hand, it’s time to start making offers with confidence! Sellers look more favorably upon offers from pre-approved buyers because the seller knows you are both serious about buying and can afford the home. This avoids hassles down the road during the mortgage underwriting process. A pre-approval means smooth sailing for both you and the seller.

The bottom line is that the housing market is competitive. A pre-approval gives you an edge. Get ahead of the market by speaking with a lender today! If you are looking for a home in Michigan, start your pre-approval below or at 708-531-8388.

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