Home Inspection Geeks
  • Home
  • Your Inspection
    • Single Family Homes
    • Condo Inspections
    • Multi-Unit Inspections
    • Commercial Building Inspections
    • Radon Testing
    • Your Report
  • Pricing
  • About
  • Areas We Serve
    • Aurora, IL
    • Chicago, IL
    • Evanston, IL
    • Naperville, IL
    • Northbrook, IL
    • View All Service Areas
  • Blog
  • Contact
  • Book Now
  • Menu Menu

The Importance of a FULL Pre-Approval

By Josh Hayden

When most people first consider a new home purchase, they think of contacting a realtor so they can start searching for their potential dream home. 

While this is undoubtedly the “fun” part of the buying process, equally as important is getting in touch with a Mortgage Consultant (also known as a Loan Officer) to begin the pre-approval process. This allows you to confidently shop for your new home knowing that you can submit an offer as soon as you find the right property and not lose out on it because you didn’t get pre-approved. 

Additionally, without a pre-approval, you may be wasting your time looking at a type of home that isn’t in your budget.

Having a conversation with an experienced mortgage professional will avoid many of the potential hurdles that occur during the process. Some of these hurdles include credit scores, debt to income ratio, and other fees and closing costs associated with most transactions that may not have been explained. 

So What Do You Need To Get Pre-approved? 

10-15 minutes on the phone, two pay stubs and a bank statement (unless you’re self-employed) and enough information to answer the below items:

1. Income

The paystubs will suffice for the initial proof of income, but there are additional questions that will need to be answered, such as,

  • What you do for a living
  • The name of your company
  • How long you’ve been there
  • How you get paid (salary, hourly, monthly)
  • How much are you paid? 

2. Assets

Although there may be changes to your current assets prior to purchasing a property, we need to know where you’re currently at. In addition to providing a bank statement you’ll need to answer the following questions: 

  • How much do you have saved and in which type of account (checking, savings, investment, retirement)?
  • Will you be receiving a gift from family? 
  • Are any of these funds a loan from a retirement account? 

3. Property 

What type of property are you searching for? There are differences in a condo, townhouse, single family home, or multi-unit property. If you’re not 100% sure, then you can discuss all the pros and cons. 

4. Credit

Even though most people keep track of their credit scores through apps like Credit Karma or their banking provider, those are not the true credit scores. These providers simply take a surface look at one or two of the credit bureaus and spit out a calculation, while there may be an old account in collections or medical bill that you are unaware of that will impact your score once a true report is pulled. You want to have your credit report pulled to ensure there are no surprises and that your debt to income is accurately calculated. 

While this all may seem a daunting task, most of the work is done by your mortgage professional after the initial conversation. The typical turnaround is a few hours and you’ll have your letter in hand. Fifteen minutes can save you from losing the house of your dreams!

Pages

  • About
  • Areas We Serve
  • Best Home Inspectors in Chicago, IL
  • Commercial Building Inspection Chicago, IL
  • Condo Inspections
  • Contact
  • COVID-19 Guidelines
  • Home
  • Multi-Unit Inspections
  • Our Blog
  • Preferred Contractors
  • Pricing
  • Privacy Policy
  • Radon Testing Chicago, IL
  • Sample Page
  • Schedule Your Inspection
  • Testimonials
  • Thanks
  • The Best Home Inspectors in Aurora, IL
  • The Best Home Inspectors in Evanston, IL
  • The Best Home Inspectors in Naperville, IL
  • The Best Home Inspectors in Northbrook, IL
  • Your Inspection
  • Your Report

Categories

  • Appliances
  • Attic
  • Basement
  • Deck
  • Electrical
  • Fireplace
  • Home Buyers
  • Home improvement
  • Home Inspection
  • Home Maintenance
  • HVAC
  • mold
  • Plumbing
  • Podcast
  • Real Estate
  • Resources
  • Roof
  • Safety in the Home
  • Taking Care of Your Home
  • Uncategorized
  • Water
  • Water Heater
  • Winterization

Archive

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019

Providing Home Inspection Services to Cook, Lake, and DuPage Counties

We provide Inspection services to the Chicago Metro Area. Certified home inspection services including Buyers Inspections, Pre-listing Inspections, New Construction Inspections, Commercial Inspections, Radon Testing, and Sewer Scope Inspections.

View Service Area

Privacy Policy

773-242-9358
info@homeinspectiongeeks.com
Chicago, IL
Open Everyday 24 hours

Sitemap

© Copyright Home Inspection Geeks, Inc. - Managed by WolfPack Advising
  • Facebook
  • Twitter
  • Yelp
Is Poor Utility Room Ventilation Putting You in Danger? Buy vs. Rent: A Paradigm Shift
Scroll to top