Steps for Getting Approved for a Home Loan Infographic

How to See If You Are a Candidate for Getting Approved for a Home Loan

Getting approved for a home loan requires plenty of planning in advance to ensure you are in the best financial position to start the process. While it may seem overwhelming at first, this planning is well worth the effort; you will be prepared when the time comes to start searching homes.

Getting pre-approved on a mortgage can make the home buying process much smoother. Having a number in mind can help you to feel comfortable with what you can spend. It may even open options for you that would not be available otherwise—some sellers won’t even consider striking a deal with a buyer who is not pre-approved.

Regardless, knowing how to navigate the home loan approval process can make your home buying experience much more pleasant.

Understanding the different factors necessary for getting approved for a home loan can help you better determine your budget. Take a look at the infographic below to discover the steps you will need to take and what a lender looks at when they are determining if you qualify for a loan.

When applying for a home loan one must understand their income vs. debt obligations and credit score. Most pre-approvals take 30 - 90 days.

Know your price range? Check out available Perry Homes homes, we have homes that fit a variety of budgets.