The main difference between a pre-approval and a loan application is that there is no specific property when a pre-approval is issued. A pre-approval means that your mortgage consultant will gather all the necessary information to give you a full approval, subject to a successful appraisal… giving you the same negotiating strength as a cash buyer. It also means that you will be able to close your loan quickly and the seller can move into their new home faster.
The first step in obtaining a mortgage loan is determining a mortgage payment budget. As a general rule, this budget shouldn’t exceed more than 28% of a person’s gross income. To learn more about preparing a mortgage loan application, take a look at this financial planning infographic.
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Buying Your First Home - Loan Application Checklist.png Kentucky FHA, VA, USDA & Rural Housing, KHC and Fannie Mae mortgage loans. I have helped over 589 Kentucky families buy their first home and refinance their current mortgage for a lower rate; First time buyer $0 money down still available with down payment assistance with KHC