If you’re buying a home for sale in Grand Junction, you’re probably going to want to get preapproval before you even start house-hunting – and here’s why.
What is Mortgage Preapproval?
Preapproval is a vote of confidence from your lender that says if your financial situation doesn’t change, the lender will let you borrow the money to buy a home.
It’s good because it lets you know exactly how much house you can afford (that way, you’re not wasting time looking at homes that are above your price range, or you’re able to look at homes below your price range to see if you can find one that meets your needs just as well).
Mortgage preapproval is also helpful when you find a home you love and want to make an offer. Many sellers are able to take offers accompanied by preapproval letters more seriously because it shows that you’re actually qualified to purchase the home.
How to Get Mortgage Preapproval
When you want to get preapproved for a mortgage, your lender will ask you to provide documentation about your income and expenses, and underwriters will pull up your credit report to see whether you qualify. You’ll be asked to provide:
- Documentation of additional sources of income (like alimony or child support, VA or retirement benefits, Social Security payments, commissions and bonuses, or interest and dividend income)
- Information on assets you have, such as a paid-off home, vehicles or investments
- Pay stubs
- Personal information, such as your driver’s license or passport
- Tax returns from at least the past two years
- Your Social Security number
Preapproval is different from prequalification (which many lenders don’t even offer anyway) because prequalification is an informal process that doesn’t require any documentation.
Are You Buying a Home in Grand Junction?
- Grand Junction homes for sale under $100k
- Grand Junction homes for sale between $100k and $200k
- Grand Junction homes for sale between $200k and $300k
- Grand Junction homes for sale between $300k and $400k
- Grand Junction homes for sale between $400k and $500k
- Grand Junction homes for sale between $500k and $600k
- Grand Junction homes for sale between $600k and $700k
- Grand Junction homes for sale between $700k and $800k
- Grand Junction homes for sale between $800k and $900k
- Grand Junction homes for sale between $900k and $1 million
- Grand Junction homes for sale over $1 million