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Step 3: Mortgage Pre-Approval Maryland

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

Local Companies

Admiral Mortgage
410-559-6491
25 S Charles St
Baltimore, MD

BASK Properties
717-830-2767
240 South Potomac St
Hagerstown, MD

Residential Home Loan Center
410-534-3290
2208 Eastern Ave
Baltimore, MD

Proficio Mortgage Ventures
303.448.2920
11219 Lockwood Dr.
Silver Spring, MD

AA Mortgage Gro
443-869-5682
8 W West St
Baltimore, MD

Family First Mortgage Group LLC
410-793-1192
3525 H Ellicott Mills Dr.
Ellicott City, MD

SunTrust Mortgage
410-308-6000
1966 Greenspring Dr
Timonium, MD

Allied Home Mortgage Capital Corporation
410-783-9407
516 N Charles St
Baltimore, MD

Baltimore HUD Homes
(443) 866-8699
1953 Laurel Oak Dr
Baltimore, MD

American Home Loans
410-230-0232
1 E Chase St
Baltimore, MD

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

Admiral Mortgage

410-559-6491
25 S Charles St
Baltimore, MD

Read more about Step 3: Mortgage Pre-Approval

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Related Local Event

Free Introductury Real Estate Investing Class
Dates: 6/30/2009 - 6/30/2009
Location: Investors United School of Real Estate
Baltimore, MD
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