Home Loan Pre-Approval

What is a Home Loan Pre-Approval?

Whether you are looking for a Conventional, an FHA, a USDA, or a VA Loan, we can write a concise and accurate Pre-Approval Letter that will ensure your ability to not miss out on the home you have chosen.

A home loan Pre-Approval is the process where a lender determines the type of loan you can qualify for and how much of a monthly payment is approved. The Pre-Approval allows us to provide a letter to the seller’s realtor informing them that a mortgage professional has reviewed your information and has Pre-Approved your application for a specific purchase price.  The amount approved is an “up to” loan amount, and they also spell out what that payment may be.  Lenders consider your income, expenses, and available credit to derive this information.

Why Would I Want to Get a Home Loan Pre-Approval?

• Pre-Approvals are extremely helpful when you go shopping for a home
• Your realtor knows that you are a serious buyer and not just looking
• You have done your due diligence, and you have the confidence of knowing how much of a home you qualify for and what the payment range will be
• Your realtor knows the specific price range you qualify for and can focus your efforts there 
• You are ready to make an offer or to put a contract on a house
• Sellers realize your financing is in place, which increases the likeliness of a quick acceptance of your offer/contract

How Do I Get Pre-Approved?

A Pre-Approval is as easy as 1-2-3…

1. Income and credit make up the primary components of getting pre-approved
2. Make your free appointment with St Louis Home Mortgage and Retention Services
3. Walk away with a Pre-Approval in your hands, putting yourself closer to that new home

What Does a Pre-Approval Tell Me?

• A Pre-Approval focuses on the facts you need to purchase a home.
• It tells you if you qualify to take out a loan
• It tells you how much home you can afford to buy
• It tells you the type of loan(s) you qualify for and “which one” currently offers you the best deal
• It spells out the monthly payments based upon the proposed terms of the loan
• It allows you the opportunity to potentially lock in a loan length and interest rate that fixes your terms for a period of time while you shop
• It lists the out of pocket closing costs when you go to closing to finalize the purchase of the home
• It lets you know that it’s time for your realtor to get to work finding you the right home at the right price.