Getting Pre-Approved

Although a loan is never approved until it has met certain lender requirements, it can be pre-approved and that is absolutely necessary before you start shopping. Many sellers will not accept an offer to buy without a pre-approval letter being attached.

A pre-approval should NOT cost you anything other than possibly a credit approval which normally runs $20.00. That credit report will give you three different credit scores from three separate credit reporting services. The medium score is the one needed in obtaining loans and insurance quotes. Do NOT allow numerous credit reports to be run on you as each time your credit is hit with an inquiry, it lowers your credit scores a few points. Too many hits can put you in a lower bracket that can cost you a higher interest rate on your loan.

A good Loan Officer will tell you your medium score so when you shop for mortgage rates or insurance rates, you can quote that medium score and tell the people involved to NOT run your credit until you give your approval. They can offer you a quote based on the medium number you provide.

 How much paper work and personal information you will need to provide will depend upon the Loan Officer you connect with and the type of loan desired. Oftentimes, very little is needed such as your W2 - a few months' pay stubs - driver's license and application. It just all depends.

Contact David Richards at http://www.homelendingoftexas.com/  for pre-approval - (713) 213-3900 - email: David@HomeLendingOfTexas.com