Here at Water Mortgage, we offer many services related to your mortgage needs.
We will help you get the best mortgage possible for the house of your dreams.
Down Payment Assistance
We will guide you towards getting your Down Payment Assistance in the best way possible.
We will assist you with Re-Financing your house, and getting the best new terms possible.
We will submit your application to get you as many quotes as possible, and get the best loan possible.
It can be hard to shop for a home without knowing how much you can afford. Mortgage preapproval lets you shop smarter and make stronger offers. Let’s look at what it means to get preapproved and how to get started.
Here's how it works:
Collect Your Documentation.
For us to verify your financial status, and be able to check your loan options, we'll need extensive documentation from you.
Get Pre-Approved By Us.
We'll go through your financial documentation and then forward it to financial institutions.
Put In Your Offer.
After the Financial Institutions send back their offers, we will select the best one for you and tell you how much you can lend.
We'll be guiding you throughout the whole process, and make everything as simple and easy as possible for you.
The preapproval process is essentially a mortgage application. This means your lender or loan officer will want to take a comprehensive look at your finances. You should be prepared to provide information on the following:
Preapproval isn't just for your lender. Knowing how much mortgage you can expect to take out is also highly beneficial to you as a buyer, and it can help you narrow down and focus on your best options.
When you get preapproved, you usually get a preapproval letter. There are a few reasons the preapproval letter is important. First, real estate agents typically want to see your preapproval letter before they show you houses. This ensures they don’t waste time showing you homes outside your budget.
Second, the preapproval letter is something you can share with the home’s seller when you make an offer. It shows you won’t have problems getting financed for the amount you’re offering, and makes your offer more attractive to the seller.
Preapproval doesn't last forever. Check your expiration date and keep it in mind as you look at homes. Though it varies from lender to lender, preapproval is typically valid for 60 – 90 days. If you haven't settled on a house, you can request a renewal by giving your lender your most up-to-date financial and credit information.
A preapproval is a great first step toward buying a home. Once your financial information is verified, you'll have a clear idea of how much home you can afford. Getting preapproved before you start your house hunt benefits everyone involved.
Start your loan application and we will contact you in up to 48 hours. You can also book a call with us, or fill the form below for any questions you have!