Where To Get Preapproved For a Mortgage

Getting preapproved for a mortgage is a crucial first step in landing a contract for that house you've had your eye on. Sellers will take your offer more seriously, and preapproval can even lead to a smoother, quicker closing, making it a must-have in many markets where the best housing deals receive multiple offers. So don't risk missing out.

Where To Get Preapproved For a Mortgage?

If you want To Get Preapproved For a Mortgage we can recommend this services:

https://homelendingadvisor.chase.com/

https://www.wellsfargo.com/mortgage/buying-a-house/get-preapproved/

How to Choose the Right Lender for You

When getting pre-approved for a loan, having the right lender can make a big difference.

Many home shoppers get pre-approved by a lender based on a recommendation from a friend or real estate agent, and don’t bother shopping around. But that won’t guarantee you’ll get the best rate or best service. If you need a loan, it’s best to compare rates from at least three different lenders to find the best loan for you.

Use our tool to find one lender (or more if you choose) who can help with a loan for your situation. Compare the rates and programs of lenders you find here with those you find through your agent, family or friends. Then you’ll be able to choose the right lender – and right loan – for you.

Looking at the Annual Percentage Rate (APR) is the best way to compare lenders because it shows you the total cost of a loan. It tells you the interest rate your bank will charge for your loan, but also factors in any additional costs that you’ll need to pay to get that rate—like mortgage (or discount) points or lender origination fees.

You can also ask for a recommendation from your family, friends or real estate agent. Or, you can visit your local bank branch, credit union, savings institution or mortgage company.

Ask yourself these questions to weigh your mortgage lender and loan options:

  • Do you currently have a relationship with the lender?
  • What level of service does the lender provide?
  • How easy will it be to access your accounts, pay your bills and get help?
  • Does the lender offer a variety of loan options?
  • Which loan program is the best for your needs?
  • How much does the lender charge in origination fees?

Frequently Asked Questions

1. What is mortgage pre-approval?

Mortgage pre-approval is an evaluation by a lender that determines if you would qualify for a home loan. It also shows how much the lender would be willing to lend you. Getting pre-approved is the first step towards getting a mortgage, but it does not guarantee a loan. Your pre-approval letter should be submitted along with your offer to show sellers that you are a serious and qualified buyer.

2. How to get pre-approved for a mortgage?

The first step to get pre-approved for a home loan is to find a mortgage lender to work with. You can use this site to find a licensed lender in your area in minutes. Then, your lender will ask for some basic information about your financial history and will need to run a credit report. If you meet the lender’s guidelines for issuing a loan, he or she will issue you a pre-approval letter, which states the home loan amount the lender is willing to let you borrow.

3. Will I get a ton of unwanted phone calls from multiple lenders?

No. Only a single lender who is licensed to work in your area and has a history of positive customer ratings will receive your contact information. You will have the option to contact more lenders if you choose. But unlike other sites, your information will not be shared with multiple lenders. Only one mortgage lender will reach out to you about your home loan pre-approval.

4. Why should I get pre-approved for a mortgage?

There are a number of reasons why it’s a good idea to get pre-approved for a mortgage. A pre-approval letter can help your offer stand out in a competitive market, and help show sellers that you’re a credible buyer who can act fast and secure the financing needed to purchase a new home. In some cases, sellers may require a pre-approval letter from every prospective buyer who needs financing to purchase the home. Getting pre-approved can also help you during your home search because it can tell you what you can comfortably afford to spend on a home.

5. What if I am turned down for my mortgage pre-approval?

If you don’t qualify for a mortgage pre-approval, there are some things that you can work on that may increase your chances: work to improve your credit score, fix any errors on your credit report, or create a plan to reduce debt and/or save for a larger down payment. In many cases, your lender can work with you and give you tips on how to improve your chances of getting your home loan pre-approval.

References:

[1] Get Preapproved for a Mortgage and Find a Local Lender https://www.fool.com/mortgages/get-pre-approved.aspx

[2] Get Help with Mortgage Pre‑Approval https://www.zillow.com/pre-approval/#/pre-approval