Getting Pre-Approved for a Mortgage in Austin, Texas
Why Getting Pre-Approval is a Good Idea
Even if a Texas based home owner has a decent budget, he/she might not know how much their property is actually worth. A bank may be willing to lend them extra cash to meet that amount, but they may still end up paying way more than they should have. In order to avoid this scenario, the owners of the property need to get their home pre-approved for a mortgage.
How to Get Pre-Approval
In order to acquire approval for their mortgage, the owners need to provide some information for each individual who is listed as a borrower for the home loan such as:
Zip Code – This will inform the bank where the owner plans to purchase the property. In case of multiple zip codes, owners can provide one they are comfortable with.
Down Payment – This is the sum of money potential property owners need to put down before they can purchase the home. Lenders will look to current market conditions before offering a sum they will be willing to accept.
Social Security Number – A bank will ask for a SSN or social security number from borrowers in order to check their past credit during the application process. This can either be done in person or through a simple phone call to the bank. During this process the potential owner’s debt payments will be analyzed in order to determine the interest rate they can pay. Plus, there is also no need to create a credit report beforehand; that’s the bank’s job.
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