Getting House Mortgage Approval: All You Need to Know
CMS Mortgage Solutions Inc.
CMS Mortgage Solutions Inc.
Published on November 14, 2021
A well-furnished and renovated house for sale.

Getting House Mortgage Approval: All You Need to Know

Your house is your investment and we know that investing can be a stressful process. We’ve got you covered, and we’ll save you the trouble of having to scour countless websites for information by sharing all the mortgage approval knowledge that we have right here in this blog post.

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On our website, you’ll find everything from useful tips about getting pre-approved, how much income you need, what kind of property value to expect, as well as how to avoid mortgage jargon.

A well-furnished and renovated house for sale.

Getting Pre-Approved for a Mortgage

Getting pre-approved for a mortgage is the first step to buying a home. It is not an obligation, but it will show your commitment to house hunting. The lender will inspect your finances and determine if you are ready for the commitment of homeownership. You’ll need to provide them with personal information, including your credit card balance, pay stubs, etc. You’ll also want to make sure you are pre-approved before you start house shopping.

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A pre-approval will tell you if you are able to afford your dream home.

First Time Mortgage

If you’ve never had a mortgage, it’s best to check with your bank or real estate agent, because most banks will require you to have a deposit for the house before they approve your loan. If the house is in an up-and-coming neighborhood, most banks will automatically approve your loan as far as you meet their minimum requirements.

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What Do You Need?

The total cost of your house will factor into your approval. Always consider the price per square foot when determining the value of your home. You can use an online mortgage calculator to get an idea of what it will cost you to live in your particular neighborhood and make sure it’s within reach. Most lenders will offer a range of loan amounts, so find one that’s within your budget.

If you are buying a house for the first time, you may be eligible for our first-time home buyer's loan in Virginia. At CMS Mortgage Solutions Inc, we have a team of expert mortgage brokers that reflect on 30-year mortgage rates to bring you the mortgage experience you deserve. Our popular tools include home values, pre-approval letters, refinance analysis, mortgage payment calculator, search homes for sale, and home insurance quotes.

There are rate comparisons, refinance rates, and home purchase loans (30 years fixed mortgage, 15 years fixed mortgage, adjustable-rate mortgage, FHA mortgage loans, VA Loans, Jumbo loans, 203K loans, USDA Loans, and Reverse Mortgage). You can also benefit from our CMS refinance rate checker online.

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CMS Mortgage Solutions Inc.
CMS Mortgage Solutions Inc. Virginia Beach
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(757) 558-2603