Dudley & Associates - HomeSmart Realty

Some homebuyers can get their pre-approval letter within hours. People with straightforward W2 income, decent credit, and money in the bank can be house hunting the same day. But for others, getting the letter could take days or weeks. If you’re self-employed or have dinged credit, your lender will require more documentation upfront. It may submit your full file for manual approval by the bank’s underwriters before issuing the letter.

Buying a home is an exciting process. Purchasing a home is one of the largest investments you will make in your lifetime. It is important to get it right. This means that you must take your time and do your homework and due diligence. Make sure that the home that you eventually buy is the correct one for you in terms of price, location, value, size and lifestyle.

Most financial institutions say that if you add your gross monthly income (not take home) with your spouse’s gross monthly income and multiply that by 30% of your total gross monthly income, this figure would be what you can afford to use towards housing related payments, ie: mortgage payments, taxes and insurance.

Getting pre-approved for a mortgage is the first step of the home buying process. Getting a pre-approval letter from a lender gets the ball rolling in the right direction. We can help you with that process.