What is the first step you should take when looking for a new home? Many of our clients begin their Rego Park real estate search by looking at available listings online. While this is a fun task, there is something that you should do before you jump into online listings: get a mortgage pre-approval.
Why Is a Mortgage Pre-Approval So Important?
A mortgage pre-approval is the first item on a homebuyer’s to-do list. Getting a pre-approval in hand will prepare you for the wild ride ahead. Here are three compelling reasons why you need one:
- A mortgage pre-approval tells you how much money a lender will let you borrow to purchase a home. You might be more comfortable spending less, but your pre-approval amount will give you an upper limit.
- If you have a mortgage pre-approval in hand during your Rego Park real estate search, sellers will see that you are a committed buyer and will take your offer seriously.
- In the long run, getting a mortgage pre-approval is a timesaver. When you’re ready to complete your final mortgage application, you’ll use much of the same information and documentation that you used for the pre-approval.
Preparing Your Paperwork
The mortgage pre-approval process requires its fair share of paperwork. When you sit down with a mortgage broker to discuss your potential Rego Park real estate purchase, have these documents with you to facilitate the process:
- Income info, including W2 and/or 1099 forms
- Bank statements, retirement account statements and other asset records
- Student loan payments, credit card statements and other relevant debts
- Bankruptcy and foreclosure details, if applicable
- Child support and alimony payments, if applicable
- Records related to gifted funds that you intend to use for your home purchase
- Additional documentation requested by the lender
Contact Us Today!
If you are interested in Rego Park real estate, we can help! Contact Rego Park Realty today to learn more about the mortgage pre-approval process.
Contact us today at (718) 997-6000 or email us here.