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MyLendingPal

Georgia Mortgage Brokers

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How To Get Pre-Approved

Calculator and small house on deskYou decide that it is time to buy a home and you eagerly begin home hunting. You did not know that it was a good idea to get a pre-approval first so you skipped that step in the home buying process and just started to look at homes. You spend a few months looking at homes that you think you can afford and then you finally find the one! Now that you found your dream home, you decide to make an offer and start looking at mortgage options. Unfortunately, you find out that the mortgage payment on this dream home would be way too high and you can’t afford it.

As sad as this scenario sounds, it happens to many people because they do think to get a pre-approval first. Getting a pre-approval from a mortgage lender is free and easy and it shouldn’t take too much out of your time. Armed with your pre-approval, you will feel confident that you can afford what ever it is that you are looking for.

What Exactly Is An Approval?

An approval is when a mortgage lender determines that you are a good candidate for a certain type of mortgage. It is based on financial information you provide and you usually get an estimate of your loan amount, interest rate, and potential monthly payment along with this approval. The approval process changes from lender to lender and is also referred to as a pre-approval or a pre-qualification.

What Are The Advantages Of Getting Pre-Approved?

Getting pre-approved has its benefits. Check out some of the advantages you get by doing a pre-approval first.

  • You and your realtor both are on the same page about how much you can afford so you don’t waste time looking at homes that are too expensive.
  • Getting a loan will be much easier once you land an accepted offer as we will already have a lot of the information we need.
  • The seller of the house you are trying to secure will be more likely to select an offer that is paired with a pre-approval as it shows them that you are qualified and serious.
  • It is quick, free, and easy to do!

What Do Lenders Look For?

The main criteria that determines how much you can get a loan for are your assets, your income and your credit.

Assets

Lender looking at assets of client These are items that can be turned in cash if needed. This is known as liquidity. They can include things like checking and savings, stocks, real estate, personal property and more. A lender will reviews your assets to make sure you have enough money to cover the down payment, the potential closing costs, and also future payments after the closing.

Income

A lender will review your income to make sure you can afford your monthly payment. They will also check your Debt-to-Income (DTI) ratio to make sure that your debts or liabilities do not offset your income beyond reasonable levels.

Credit

A lender will use your credit to determine pricing and other aspects of the mortgage. Having a good credit score shows that you are a responsible borrower. There are also minimum credit score requirements set for different types of loans.

Will Getting Pre-Approved Affect My Credit Score?

Client asking professional about credit scoreIt depends on if we opt for a credit report or not. If we do formally pull credit, your score may drop by a few points. If multiple lenders pull your credit within a short period of time (usually 1 month), it only counts as one credit pull so your score will not drop further. If you already know your score and wish to save your credit pull for when you find your hope, we can do that as well.

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833.379.0797
Email
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Address
5400 Laurel Springs Parkway, Suite 304 Suwanee, GA 30024

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MyLendingPal, Inc, NMLS ID #1734346, (www.nmlsconsumeraccess.org); Corporate Office: 5400 Laurel Springs Parkway, Suite 304, Suwanee, GA 30024. Georgia Residential Mortgage Licensee #61544. Principal Loan Originator: Ricky Merchant, NMLS ID: 1517056. Georgia License # 54264. For questions regarding state licensing, please contact (404) 433-8918. Not all products and options are available in all states. Terms are subject to change without notice. Any rates or terms are speculative only and can change without notice.
Google Rating
5.0
MyLendingPal, Inc
MyLendingPal, Inc
5.0
Balachandar Sundaresan
Balachandar Sundaresan
17:30 23 Jun 20
Roger Merchant and his team were very helpful, right from getting a great rate to completing all process on time and being super responsive. Would happily recommend him!!
Dinesh Nair
Dinesh Nair
14:41 30 Jan 20
I would definitely recommend MyLending Pal for all mortgage needs. It all started with a great competitive quote on refinance and excellent service continuing all the way until closing. Priti, Ricky and Roger were a pleasure to work with.
Ramesh Kumar
Ramesh Kumar
02:03 17 Dec 19
I would really recommend Nations First Home Mortgage, if you are looking for the best home mortgage options. I was very much glad to work with this team and they have saved lot of time and money!!
gulshan rai
gulshan rai
03:21 17 Apr 19
I would highly recommend Mr Roger to anyone in the area looking for an amazing lender. He made the mortgage process so easy and effortless. I could tell him and his team were very attentive to all the details that came with applying for a mortgage and were quick to remind me of any deadlines that were approaching.It was super easy to work with Mr Roger.My special thanks to preeti who did an amazing job to get things done in the timely manner. If I had any questions, it was almost like she was waiting at her desk for my phone call to answer the questions immediately. The loans closed on time and without a glitch. I would highly recommend them to anyone
Ajith Nair
Ajith Nair
01:50 13 May 19
We highly recommend Roger for financing mortgage. Roger and his team were excellent through out the process and we had a very smooth purchase. They were always available when we had any questions. It was an amazing experience working with Roger and his team.
Pratul Patwari
Pratul Patwari
13:03 20 Jul 20
Roger Merchant and Priti Vin helped us in buying our first home. They understood our needs and took care of everything for us. They were very good with the communication through the process. They will always be my first choice in future for the mortgage services.
Sujatha Hariharan
Sujatha Hariharan
20:51 26 Jul 20
They were able to find me great rates. Service was quick and communication prompt. The loan process can be daunting as is the document gathering process but this was the easiest and quickest that I have experienced. Highly recommend!
Dinesh Nair
Dinesh Nair
15:53 30 Jul 20
I would definitely recommend MyLending Pal for all mortgage needs. It all started with a great competitive quote on refinance and excellent service continuing all the way until closing. Priti, Ricky and Roger were a pleasure to work with.
Manu Pushpanath
Manu Pushpanath
15:59 29 Jul 20
Great lender to work with. Right from document collection till closing they did it in 2weeks. The fastest closing I heard and get to experience myself. One improvement I suggest is it will be good if the closing attorney can come into the house for completing the closing. Considering current situation it will add a lot of value to the reputation. Thanks Milan and team for a good closing experience.
Sakthi S
Sakthi S
20:46 01 Sep 20
Would definitely recommend Roger and his team.Refinanced for the second time and with roger, I didn’t feel like I refinanced.The process was very smooth and fast.The rates were very competitive and it was amazingworking with Roger and his team.I’d recommend him for sure.
Sunny Patel
Sunny Patel
21:17 01 Sep 20
They were quick, courteous, and professional. They got me an excellent rate and helped make the process smooth. I would recommend using to my friends and family!
Emmitt Rathore
Emmitt Rathore
14:57 22 Dec 20
Roger helped us find an unbeatable rate!His decades of work in the industry made it easy for us to complete many processes with the lender, and helped us close on time!I will definitely be passing the good word around and recommending family and friends to him.I look forward to our next real estate transaction with them.
M Alamoti
M Alamoti
01:02 11 Jan 21
I had the experience of using their service. They know what they are doing. They are very honest, professional and caring. I have no doubt and hesitation to recommend them to anyone who is looking to purchase a home. I am very pleased for their service.
kondal rao
kondal rao
05:36 09 Apr 21
Roger and Team were very helpful. Proactive and honest service. My closing ended in no time. I made the right choice of choosing this team. Worth trying with this Team
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