What Is A Pre-Approval Letter?

What are the Benefits?

• Know your maximum loan amount
• Understand how much you can afford
• Positions yourself as a serious buyer
• Shows that you can secure a mortgage

Eligible Property Types:

• Single Family
• 2-4 Unit
• Planned Urban Development (PUD)
• Co-operative unit (Co-op)
• Condo
• Condotel
• Townhouse
• Second Home
• Manufactured/Mobile home
• Investment

A pre-approval letter is a document from a lender stating that the lender is tentatively willing to lend you, up to a certain amount. A pre-approval letter determines how much money you can borrow to buy a home. During the mortgage pre-qualification process, lenders look at your income, assets and credit score. This information determines what loans you could be approved for, how much you can borrow and what your interest rate might be.

How Do I Get a Pre-Approval Letter?

Speak with one of our experienced loan officers to get your pre-approval letter! Apply online at Mortgage-World.com or call us at 888-958-5382.

We will ask you a series of questions relating to the following:

• your credit score
• monthly/yearly income before taxes
• your liabilities (if applicable – credit cards, auto loans, personal loans, or student loans)
• if you own any other properties
• if you have any open collection accounts on your credit report

Our lowest credit score requirement to buy a home is 500 for FHA loans and 620 for Conventional loans. To learn more about credit score requirements for various loan products, click here.

Written by: Julia Luis, Loan Officer for Mortgage-World.com, LLC

Julia Luis covers mortgages and the housing market. Before joining Mortgage-World.com, she was a college student at the University of Miami.