Some aspects of your Flushing real estate search will be more fun than others. Looking at available listings is entertaining, while in-person viewings are even better. Of course, taking the keys to your new home is hands-down the best part of the whole process!
Other aspects of home-buying are less appealing. We often see our clients shy away from anything that involves paperwork or financial discussions. Unfortunately, if you don't complete paperwork or chat about money, you'll never get into your dream home!
Today we'll discuss a rather unexciting but critical part of the home-buying process: the mortgage preapproval.
Mortgage Preapproval: Can I Skip It?
We suppose you could skip this step, but we don't recommend it. Here's why:
- A mortgage preapproval gives you a relatively accurate picture of the amount of money a lender will loan you to purchase Flushing real estate, although many people are most comfortable spending even less.
- If you have a mortgage preapproval in hand during your home search, it indicates that you are a serious buyer. The majority of sellers prefer to do business with buyers who have mortgage preapprovals because they view the transactions as less risky.
- The mortgage preapproval process is good preparation for filling out your official loan application.
Preparing for Your Mortgage Preapproval
Before you apply for your mortgage preapproval to purchase Flushing real estate, you'll need to track down a few documents to help the process along. Here's a non-exhaustive list of what you'll need:
- Employment income statements and tax returns
- Rental income statements
- Bank statements, savings account info and other assets in your name
- Information about gifted funds that you plan to use toward your home purchase
- Debt records and monthly expenses
- Bankruptcy and foreclosure records
- Child support or alimony payment records
Contact Us Today!
Are you on the hunt for Flushing real estate? Connect with Flushing Realty today to learn how to improve your chances with a mortgage preapproval!
Contact us at (718) 997-6000 or email us here for more information.