In a nutshell, mortgage pre-approval helps you understand how much hosue you can afford, make you more desirable to sellers, and alerts you to problems that may affect your ability to get a loan. It's a straightforward process that requires some paperwork and, in many cases, just a few days for the lender to verify your personal and financial information. Once that's done, you may end up with a preapproval letter that'll help you stand out from the home-buying crowd.
To get pre-approved, you'll need to provide documents your lender will use to verify your personal, employment and financial information. They'll likely ask you to fill out a uniform residential loan application which asks for personal, financial and loan information including:
Some lenders will charge an application fee but Select One Mortgage (SOM) offers services free of charge.
Contact Select One Mortgage (SOM) for a check list of items needed today.
Pre-qual is an estimate of how much someone can afford. Pre-approval is much more valuable as it means the lender has verified documentation such as bank statements, income documents and employment.
Not unless you have them repeatedly pulled. You’re allowed to have 6 credit inquiries within a 180 day period with no negative repercussions.
Yes, Select One Mortgage (SOM) has many options that will help see you through the process.
This may not be the best route to apply for a home loan. Using a local mortgage broker is advantageous so you don’t have to apply at multiple locations. Select One Mortgage (SOM) does the shopping for you as they have dozens of investors to ensure you get the lowest rate and costs.
No. Select One Mortgage (SOM) offers loan programs with little to no money down.
There are several different types of mortgages to choose from. A conventional mortgage is tougher qualify for credit-wise, but an FHA loan can be costlier. If you're a veteran a VA loan could be the best option for you, and if you plan to buy a home in a rural area, a USDA mortgage could give you a no money-down option.
When interest rates are historically low, like they are now, a fixed-rate mortgage makes good financial sense. Not surprisingly, the vast majority of mortgages originated today are fixed-rate. In fact, only about 3% of buyers are choosing adjustable-rate loans.
That said, while a fixed-rate mortgage is the best choice for the majority of homebuyers, there are some circumstances where an ARM may be better. For example, if you expect to sell the house before the fixed interest period ends and the rate starts to float, an ARM could end up saving you thousands of dollars. Or, during periods of falling interest rates, an ARM can allow you to get a low initial rate, and will save you money later if rates drop further.
Pre-qual is an estimate of how much someone can afford. Pre-approval is much more valuable as it means the lender has verified documentation such as bank statements, income documents and employment.
Pre-qual is an estimate of how much someone can afford. Pre-approval is much more valuable as it means the lender has verified documentation such as bank statements, income documents and employment.
Pre-qual is an estimate of how much someone can afford. Pre-approval is much more valuable as it means the lender has verified documentation such as bank statements, income documents and employment.
Pre-qual is an estimate of how much someone can afford. Pre-approval is much more valuable as it means the lender has verified documentation such as bank statements, income documents and employment.
Reach out to Select One Mortgage by phone (608) 826-5626, email info@selectonemortgage.com, or by filling out the contact form that can be found: https://www.selectonemortgage.com/contact-us/