The mortgage application process can seem intimidating, but it doesn’t have to be! Consulting with the Garden State team and receiving a pre-approval for a mortgage loan is the first big step towards becoming a homeowner.
A mortgage pre-approval is a letter from a lender indicating the amount of loan you can qualify for. Mortgage pre-approvals help create a loan package that is best suited to you and your needs. After receiving a pre-approval letter (PAL), you’ll have a better sense of what loan options are available to you, allowing you to prepare your finances for the big purchase. Your PAL will detail purchase pricing and interest rates, useful information when assessing your budget. This will make the home purchasing process far less stressful for you – as it should be! Having a mortgage pre-approval signals to real-estate agents and home sellers that you are both a reliable and a serious buyer.