How to Get Approved for a Mortgage in Arlington
Arlington’s housing market is highly competitive, so if you want to get in on the action, you need to position yourself as a highly qualified buyer.
Before you apply for your mortgage, you must be financially prepared. Cutting down your debt, boosting your credit score, and stocking away cash for your down payment are necessary steps to take before talking to lenders.
The better your credit and the higher your first-time homebuyer down payment, the lower your interest rate and other fees will be.
Different types of mortgages come with different requirements. In general, lenders are looking for borrowers with low debt and good credit.
You will also be required to provide extensive documentation of your identity, income, credit, and employment.
You can prepare for the application process by making copies of your photo ID, social security number, tax returns, pay stubs, bank account and asset account statements, and renting history.
Get Pre-Approved in Arlington
Before you officially apply for the mortgage, you can get pre-approved.
Pre-approval is important because it shows sellers that you have the financial chops to purchase their home if they decide to take your offer.
Your letter of pre-approval from your lender is your ticket into the competitive Arlington housing market. Without it, sellers won’t give you much attention.
To get pre-approved for a mortgage, you will have to meet with a lender and submit the same documents required to apply for a mortgage.
Be careful not to confuse pre-approval with pre-qualification.
While pre-qualification can help you determine a budget, pre-approval requires your lender to take an in-depth look at your finances.
Sellers don’t care about pre-qualification. They want to work with buyers who have been pre-approved.
