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Step 3: Mortgage Pre-Approval Georgia

Getting pre-approved by a lender before shopping for a home helps you in two ways.

Local Companies

Capitol City Bank & Trust Company
(404) 752-6067
562 Lee St SW
Atlanta, GA

A & C Mortgage LLC
(678) 822-0400
3042 Oakcliff Rd
Atlanta, GA

AAA Direct Mortgage
(770) 448-7796
3955 Pleasantdale Rd
Atlanta, GA

Cummings Mortgage Co.
706-295-7165
111 Bridgepoint Plaza Ste 302
Rome, GA

Countrywide Mortgage Corporation
770-414-6600
100 Colony Square, 1175 Peachtree St.
Atlanta, GA

Novation Mortgage
678-698-3557
2501 E. Piedmont Road
Marietta, GA

Option 1 Finanical
678-232-0828
2380 Buford Dr Suite 106-328
Lawrenceville, GA

1st American Capital LLC
(404) 588-5500
191 Peachtree St Ne
Atlanta, GA

American Equity Mortgage
770-955-5700
200 Galleria Pkwy SE
Atlanta, GA

Allied Home Mortgage Capital Corp.
770-939-7075
2179 Northlake Pkwy
Tucker, GA

provided by:

First, it helps you narrow down the homes under consideration because it tells you what price house you can afford. Second, pre-approval can give you a leg up over other buyers when you find a home you like. Sellers are more likely to accept offers from buyers who they know have financing secured, because the sale is more likely to close.

During pre-approval, lenders look at your entire financial situation. You will be required to show proof of income and submit your social security number, so the lender can review your credit. Pre-approval is not the same as prequalification; prequalification is an estimate of the amount of money you can borrow and it is not guaranteed.

Pre-approval is a good step to take before you start shopping because it shows sellers that you are a serious buyer. In fact, in some housing markets, for your offer to be reviewed it is necessary to be preapproved. That way, sellers can be certain the deal won’t fall through.

Remember that you can certainly buy a home for less than your pre-approval amount. Think of pre-approval as your limit. If your budget doesn’t allow for a $1,500 monthly mortgage payment but your lender says you can afford that much, stick with your budget. You know your spending priorities better than your lender.

Published on January 23, 2007

Read full article at realestate.com

Featured Local Company

Capitol City Bank & Trust Company

(404) 752-6067
562 Lee St SW
Atlanta, GA

Read more about Step 3: Mortgage Pre-Approval

- 8 Reasons to Get Pre-Approved for a Home Loan Georgia

Learn why pre-approval is one of the smartest moves you can make when shopping for a home.

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Regional Articles

- New Construction: Should You Finance Through Your Builder? Georgia

There are pros and cons of arranging mortgage financing through your builder's affiliated lender.

- Mortgage tips Georgia
- How To Buy a Home Georgia
- Cash-out Mortgage Refinancing Georgia
- Mortgage Basics Georgia
- Refinance Quote Georgia
- How can I cancel private mortgage insurance? Georgia
- 8 Reasons to Get Pre-Approved for a Home Loan Georgia
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- Private Mortgage Insurance Georgia

Related Local Event

2Nd Annual Real Estate Industry Day
Dates: 9/18/2009 - 9/18/2009
Location: Holiday Inn Decatur
Decatur, GA
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Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
Career	Financial Services	Insurance	Software
Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History