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The Pre-Approval

"Congratulations on taking the first step towards homeownership! Getting pre-approved for a mortgage is an important milestone in the home-buying journey. " Chris Manzano - Mortgage Loan Officer NMLS 2492115

Why Get Pre-Approved?

 

Competitive Advantage

In today’s competitive market, getting pre-approved can set you apart from other buyers by showing sellers that you are a serious, qualified buyer.

Budget Awareness

Pre-approval helps you understand how much house you can afford, so you can shop within your budget.

 

Faster Closing

Being pre-approved can also speed up the closing process, allowing you to move into your new home sooner.

 

Step-by-Step Pre-Approval Process

 

Step 1: Initial Consultation

Reach out to us either by phone, email, or by filling out the contact form on our website. One of our loan officers will get back to you to schedule an initial consultation. During this meeting, we will discuss your financial goals, your plans for the property, and give you an overview of the pre-approval process.

 

Step 2: Documentation

After our initial discussion, you will need to provide some essential documentation. Typically, this includes:

  • Proof of Income (W-2 statements, pay stubs, tax returns)

  • Proof of Assets (bank statements, retirement accounts)

  • Credit History (your lender will do this with your consent)

  • Identification (driver's license, passport, etc.)

 

Step 3: Application Submission

Once we have all your documents, you will fill out a loan application. Our team will review the application and your financial documents to assess your creditworthiness.

 

Step 4: Credit Check

With your permission, we will then run a credit check. This is an important step as your credit score will play a significant role in determining your loan terms, including interest rates.

 

Step 5: Loan Estimate

Based on your credit score and financial stability, we will provide you with a loan estimate. This document outlines the potential terms of the loan, including the interest rate and monthly payments.

 

Step 6: Pre-Approval Letter

After all these steps, you will receive a pre-approval letter stating that you are eligible for a mortgage up to a certain amount. This letter is usually valid for 60-90 days.

Next Steps

With your pre-approval letter in hand, you are now ready to shop for your new home! Keep in mind that the pre-approval is not a loan commitment; it is an indication of your eligibility. The final loan approval comes after you've made an offer on a home and submitted the required documentation for underwriting.

 

Frequently Asked Questions

  • How long does the pre-approval process take?

    • The process can take anywhere from a few days to a few weeks, depending on how quickly you can provide the necessary documentation.

  • Does a pre-approval affect my credit score?

    • The credit check for pre-approval does result in a hard inquiry on your credit report. However, the impact on your credit score is generally minimal.

 

GET PRE-APPROVED/OBTENER UNA PREAPROBACIÓN

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CONTACT US

10200 NW 25 ST, STE 100
Doral, FL 33172

Phone: (786) 486-6082

Email: Christopher.Manzano@outlook.com

NMLS# 2492115

TLF CONTACT

Nationwide Mortgage Bankers, Inc NMLS# 819382 (www.nmlsconsumeraccess.org) Equal Housing Lender | 3 Huntington Quadrangle, Suite 403N, Melville, NY 11747 | (833) 700-8884 | www.nmbnow.com; NMB is in no way affiliated with Nationwide Mutual Insurance Company. All Country Mortgage; Americasa; Americasa Home Loans; Americasa Mortgage; Equalify; fasterfi.com; Fellowship Home Lenders; Fellowship Home Loans; First Veterans Mortgage; Mortgage Your Best; MortgageNow; MortgageNow.com; NMB Home Loans; NMB Home Loans, Inc.; NMBNOW; NONQMNOW; Own It Home Loans; Own It Team; The Loan And Credit Pro, are registered DBAs of Nationwide Mortgage Bankers, Inc ("NMB"). Nationwide Mortgage Bankers is not acting on behalf of or at the direction of HUD, FHA, or the federal government. All loans are subject to Credit and Appraisal Approval. Program, Rates, Terms, and Conditions are subject to change without notice. This is not a commitment to lend. Licensed under the California Finance Lenders Law by The Department of Financial Protection and Innovation #60DBO73939 | Georgia Residential Mortgage Licensee | MA Mortgage Lender License #ML819382 | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker - NYS Banking Department | Rhode Island Licensed Lender | Licensed by the Virginia State Corporation Commission.

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