GETTING PREAPPROVED AT
LAKE TAHOE MORTGAGE
Getting preapproved can have many advantages for home buyers and can even expedite the buying process.
Some of the benefits include:
• Determine how much you can afford ahead of time, before you meet with your Realtor
• Get a general idea of what you monthly payment will be, including property taxes and homeowner's insurance
• Understand all of your down payment options
• Identify qualifying loan programs
• Estimated your total cash to close escrow
Most importantly, you can improve seller negotiations. The seller may be more inclined to accept your purchase offer when they know you are qualified to buy their home.
What you need for Preapproval:
• Income and Employment History
• Monthly Debts and Credit Score
• Source and Amount of Down Payment and Closing Costs
• Completed Loan Application