July 22, 2013

Mortgage Pre-Approval for Indiana

If you are looking to buy a home in Indiana it is very important to be pre-approved. When a lender pre-approves you for a home loan it gives you a significant advantage over other buyers who have not been pre-approved. Whether you are looking for a home in South Bend, Indianapolis or Fort Wayne, having a pre-approval letter from a mortgage lender will give you an advantage.

A pre-approval letter will speed up your entire home buying process. A pre-approval letter will tell you exactly how much home you can afford. This is extremely helpful to potential homebuyers, because it will prevent you from looking at homes which you cannot afford. A pre-approval letter will also show a seller that you are serious about buying their property. If two identical offers are made, but one buyer has a pre-approval letter in hand and the other doesn’t, more often than not the seller will be more confident accepting the offer from the pre-approved buyer.

When approaching a lender to be pre-approved there are certain documents you will need:

  • Last two years W2s
  • Consecutive paystubs for a 30-day period
  • Two consecutive bank statements to show sufficient funds for closing
  • Authorization to run your credit

A mortgage lender will take the information you give them and they will determine how much you can borrow and at what interest rate. Most lenders will also want to ensure that you meet the following requirements:

  • Your credit score is above 620
  • You are requesting a loan amount over $60,000
  • You will be able to put 3-5% down on your new home

If you are currently looking for a home in Indiana and want to put yourself in a competitive home buying position it is important to have a pre-approval letter from a lender. United Home Loans qualified loan officers who will work with you towards getting your mortgage home loan. Contact United Home Loans below or at 708-531-8388 to get started.


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