This is a real estate market like nothing else in many years. As you know, there is a huge shortage of homes, which means houses are usually sold quickly and there very often are multiple offers. If you are competing for a home, if you are not pre-approved for a mortgage, you are going to be at a disadvantage with the competition.

There are some advantaged to be pre-approved:

• Going through the pre-approval process with several lenders allows a home buyer to shop interest rates and find the best deal.
• A seller often wants to see a mortgage pre-approval letter and, in some cases, proof of funds to show that a buyer is serious.
• The first step is filling out a mortgage application and supplying your Social Security number so the lender can do a credit check on you.
• You’ll also need to provide extensive documentation of job history, assets and liabilities, income tax returns, and more. Self-employed buyers may need to provide additional documentation.
• After reviewing your application, a lender will offer pre-approval or pre-approval with conditions, or deny pre-approval.

When looking at your application for pre-approval, the first thing they will look at is your credit score and your credit history. They will also consider whether you have too much debt. They will see if you are employed and how long you have had your been in your current position. They obviously will consider how much you make and what assets you have.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.