Getting a pre-approval letter from a mortgage broker is necessary to even look at many homes. Follow these tips from mortgage broker Jennifer De Vries when going in for your pre-approval letter!
- Know exactly how much you are comfortable paying monthly. This is different than what the bank will be willing to commit.
- Take inventory of your other monthly obligations. Don’t forget child support, alimony, separate maintenance and co-signed obligations.
- Try to reduce revolving monthly debt (credit cards, student loans) as much as possible.
- Check your credit to understand your position.
- Organize your financial information including tax returns and pay stubs.
Now go get that letter!