813.910.8020 Apply Now

Mortgage Broker Tampa, FL | Mortgage Lender Tampa Florida | Marimark Mortgage

  • Home
  • Homebuyers
  • Homeowners
  • Realtors
  • Investors
  • About Marimark
  • Contact Us
  • Mortgages
  • Apply Now
  • Current Mortgage Rates
  • Calculators
  • Testimonials
  • Blog
  • Videos
  • Featured In
Home / Blog / Mortgage Pre-Approval / How to Get Pre-Approved for a Mortgage

How to Get Pre-Approved for a Mortgage

January 15, 2020 By Admin

get a mortgage pre-approvalGetting pre-approved for a mortgage is one of the first steps toward purchasing and owning a home. It is an essential part of the buying process. However, nearly half of all homebuyers neglect to get a mortgage pre-approval, which can hamper the home buying process and frustrate sellers.

So, knowing how to get pre-approved for a mortgage is crucial.

What Is a Mortgage Pre-Approval?

A mortgage pre-approval is a commitment from a lender stipulating how much money a person may borrow under specific terms and conditions. The lender issues a pre-approval letter to a borrower indicating the type and amount of loan the borrower is qualified for.

To be pre-approved for a mortgage, you must complete a mortgage application that provides information about your employment, assets, bank records, credit card debts, and other financial histories. The application will be submitted to a lender, who will determine the amount you are approved to borrow.

Related: Should I Get a Mortgage Pre-Approval Before Working with a Real Estate Agent?

Difference Between Pre-Qualification and Pre-Approval

The terms pre-qualification and pre-approval might appear interchangeable. The terms are often used interchangeably, which leads to confusion. However, there is a significant difference between a mortgage pre-approval and a mortgage pre-qualification.

Pre-qualifying for a mortgage is a cursory review of your finances without going into the same depth as a mortgage pre-approval. It estimates how much you can afford to borrow for a home.

To be pre-qualified for a mortgage, you report your income, debt, and assets to your mortgage broker, who does not question or look into the accuracy of the numbers you report. Then, based on what you told the lender, you are pre-qualified to borrow up to an estimated amount for a home. If the numbers you report to the lender are inaccurate, the pre-qualification will not be accurate.

In comparison, a mortgage pre-approval is more involved, and the lender thoroughly investigates your finances to determine the amount you can borrow to buy a home.

Related: Mortgage Pre-Qualification vs Pre-Approval: What You Need to Know

How to Get Pre-Approved for a Mortgage

A mortgage pre-approval requires you to submit the documentation a lender needs to approve you for a mortgage, so you will need to gather all the documents needed.

You should already be working with a mortgage broker by this point in the process. So, you should receive a list of everything you need for pre-approval from your mortgage broker, which can vary depending on your circumstances.

The documents you typically must provide include the following:

  • Income Information: Your mortgage broker can tell you which documents are needed for your type of employment. These documents can include pay stubs, tax returns, W-2s, and 1099s for the previous two years, as well as additional income sources.
  • Asset Information: You must provide information about any other assets you own. This documentation can include bank statements and information about investments. Also, you will need documentation if you receive a monetary gift to help pay for the home.
  • Personal Information: You will need to provide your Social Security number for a credit check and a valid form of identification that can include a driver’s license or passport.

Why is it Important to Get Pre-Approved for a Mortgage?

Real estate agents and sellers will take you more seriously if you have been pre-approved for a mortgage. And, if you have a pre-approval letter in hand when negotiating to buy a home, you may have more leverage in a competitive housing market and may be able to negotiate a better purchase price.

Take Away

When buying an expensive asset like a home, the most minor details can make a big difference regarding whether you are approved for a mortgage and what you will pay in interest.

Working with an experienced mortgage broker with a proven track record of helping borrowers is extremely important. Therefore, start working with a mortgage broker early in buying a home. Even having a few extra months to get ready to purchase a home can give you time to improve your finances and lower your interest rate, making the whole process less stressful.

Marimark Mortgage

Marimark Mortgage is based in Tampa, Florida and serves the mortgage needs of homebuyers, homeowners, and investors in Florida, Virginia, and Pennsylvania.

We specialize in conventional home mortgages, FHA, VA, and USDA mortgage options, refinance loans, and reverse mortgages. We’ve worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.

To get started with a mortgage to buy your next home, please fill out our Quick Mortgage Application, or contact us direct.

Opt In Image
Stay Informed, It's Your Money
Marimark Mortgage Newsletter

The Marimark Mortgage Newsletter will keep you informed with important events in the mortgage industry that could impact your finances.

We especially focus on ways to save money on your current and future mortgages. And, we continually share the information we share with our clients, because we believe informed consumers are the best consumers.

Real estate agents, and other professionals in the industry, will receive an ongoing wealth of information that will help them serve their clients.

Thank you for signing up!

Filed Under: Mortgage Pre-Approval

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

Save with a Mortgage from Marimark

Whether you are buying a home or refinancing, you can save with a mortgage from Marimark Mortgage!

    Search

    Post Categories

    Testimonials

    Refinancing with Mary an absolute pleasure

     
    Refinancing with Mary has been an absolute pleasure. I have never been through the process before and she took the time to explain each step. She was prompt (had a rate locked in right away) and most importantly always answered the phone or emails almost immediately! The communication line alone made the refinancing process every bit worth it. Would recommend to anyone, and will be back for any future purchases! Bret Brennan, March 2021
    See More Reviews
    Marimark Mortgage LLC
    5327 Primrose Lake Circle
    Tampa, FL 33647-1328
    (813) 910-8020
    (866) 910-8020

    Accessibility
    Privacy Policy
    Terms of Service
    Sitemap

    Reviews

    Website Testimonials
    Google Reviews
    Zillow Reviews
    Trulia Reviews
    Facebook Reviews
    Yelp Reviews
    BBB A+ Rating

    FOLLOW US

    • ‎
    • ‎
    • ‎
    • ‎
    • ‎
    • ‎
    Marimark Mortgage is a BBB A+ Accredited Business

    Recent Posts

    • FHA Announced a 30-Basis Point Reduction to Annual Mortgage Insurance Premiums
    • How Can You Improve Your Credit Score?
    • Historical Mortgage Rates From The 1970s
    • What You Need to Know About Mortgage Forbearance
    • Top Tips to Save Money for a Down Payment

    © 2023 Marimark Mortgage, LLC All Rights Reserved. | Internet Marketing by Image Building Media. | RSS Feed

    Reviews / Recommendations: Google, Zillow, Trulia, LinkedIn, Facebook, Yelp, BBB

    Licensed in Florida by the Office of Financial Regulation, Mortgage Lender License #MLD77.
    Licensed in Virginia by the Virginia State Corporation Commission, License MC#4556.
    Licensed in Pennsylvania by the Department of Banking and Securities, License #40222.
    NMLS#248318 – www.nmlsconsumeraccess.org.