Shopping for a new home is an exciting time, filled with anticipation and possibilities. While finding exactly the right home for your family’s needs is the main goal, you do need to look at the process overall. One of the key components of the home buying process is making the offer, which means you need a mortgage pre-approval and with that comes the mortgage commitment letter.
A mortgage pre-approval reviews your credit history, credit score, current employment and income, and any outstanding debts you have. At this stage, lenders preliminarily determine your qualification for a loan and the amount you’d qualify for in your current situation. From this, they issue you a mortgage commitment letter.
Let’s find out more about this important document and what part it plays when it comes to buying your new home. Read More