Mortgage pre-approval is an assessment by a lender that determines if you can qualify for a home loan. A Pre- Approval also explains how much one of our lender would be willing to lend you. This is the first step in 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 qualified buyer.
The initial step to get pre-approved for a home loan is to find a mortgage lender that works for you. We recommend using this site to find local lenders offering great rates. You will submit basic information about your financial history. If you decide on a lender that meets your requirements, he or she will issue you a pre-approval letter, which will give you a description of how much you are qualified for.
Many home buyers select lenders based on advice from friends and family, however, it is important to shop around to make sure you are being quoted the best rate and getting the best service. On My Mortgage Action, we pledge to match you with a lender with the most competitive rates for our clients. We encourage transparency on all levels.
No. None of our lenders will call you just one of our friendly team members to assist you if needed!
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.
If you don’t qualify for a mortgage pre-approval, there are some things that you can do to increase your chances: First try to increase your credit score, check for errors on your credit report, reduce debt, and your increase down payment.
Upload photos of your documents to your secured doc vault right from your phone!
You will have 24 hours to review the offers and hand pick which your local lenders fits best with your lifestyle.
Choose the best rate for you and make an exclusive connection with your mortgage specialist.
Getting Pre-approved for a mortgage is the final step in securing your mortgage. If you are not sure if you qualify for a mortgage going through the pre-approval process will help you determine what documents you may need to gather or things you can do to improve your credit score. Whether you are ready to buy a new home or not it is a great idea to go through the pre-approval process sooner rather than later.
My Mortgage Auction provides a great solution for everyone looking to get pre-approved. Our docu-vault allows you to store your documents safely online until you are ready to submit them to lenders. And when you are ready to proceed with your application our online mortgage auction connects you with local lenders in just a click of a button. Without leaving the comfort of your home you will receive offers from local lenders, you can review them, and choose the one that suits you best. You can also walk away with absolutely no obligation.
Need some help with your application? No problem! Our friendly support team will help walk you through the process. Oh, and did we mention it’s 100% free for borrowers? So what are you waiting for? Let’s get started!