What does getting Pre-Approved mean?

Pre-approved means that your lender is confident that your income and credit (sometimes assets as well) qualify you for a mortgage loan. It is not a guarantee. In simple terms, it is an in depth review of your application, credit, income and assets.

What is the difference between a Pre-Approval and Pre-Qualification?

A Pre-Approval is a more thorough review of your finances. A Pre-Qualification is a cursory review of your application and credit.

Why you should get Pre-Approved?

The real estate market in Ohio is hot right now. Sellers are not accepting home buyers offers due to rising demand and a decline in homes for sale.

Want a leg up in the home buying process? Apply with your loan officer for a Pre-Approval. An underwriter has already reviewed your application, credit, income and possibly your assets. This allows you to close your loan quicker. Instead of submitting an offer on a home with a 45 or a 60 day close, you can request 30 days. And that is more attractive to most sellers. A Pre-Approval makes you more attractive to sellers when they consider your offer.

What will you need to obtain a FHA Pre-Approval in Ohio?

This will vary from lender to lender. First, your loan officer will need you to complete an application. This can usually be done online, over the phone, or in person. Your loan officer will then pull your credit report.

At this point, your loan officer will advise you on potential mortgage options and advise you on their Pre-Approval process.

Generally, the documents that you will need provide your loan officer in order to obtain a Pre-Approval, in addition to the mortgage application and your loan officer pulling your credit, include:

• Income documentation: most recent 30 days of paystubs, most recent 2 years W-2s, most recent 2 years Federal income tax returns (all schedules)
• Asset documentation: most recent 2 months bank statements, most recent quarterly statement for any retirement/investment accounts.

To get Pre-Approved for an FHA Mortgage in Ohio you can Contact Me or complete the free, no obligation FHA Mortgage Rate Quote Request form.