The 3 simple steps to get easy pre-approved mortgage - Total guide.

3 simple steps to get easy pre-approved home mortgage -Total guide.

Are you a young corporate couple searching for a dream house to live a settled life? but your friends and colleagues are very discouraged about your decision for having a home mortgage, having your home in ‘not so early but not so late in career period’ has been a little difficult to decide. The Story of financial losses and future children often haunts you. Don't worry we’re here to take you out off this haunting. 

In This blog we have listesd you 3 simple steps to get easy pre-approved home mortgage, but first let us understand what is pre-approved home mortgage. why people counsel you against taking a hone mortgage. 

What is a pre-approved home mortgage? 

A pre-approved  mortgage is home loan approval before you have purchased the property, the loan is based on your financial credibility and status. The bank lends you money to buy a house or car before you have purchased it or even have its documents. 

What is the eligibility criteria for availabiling pre-approved home mortgage?To get a pre-approved mortgage sanctioned you should visit the nearest bank with the all ID, Employment proof documents and income proof documents.

It is mortgage approved before selection of property given on principal amount. The mortgage after evaluating a person's income, credibility and financial position. A person 18 to 70 years old is eligible to apply for it.

Why people counsel you against the home mortgage?

People usually counsel you against home loans because of three problems:- 

1. High interest rate: Thes rate of interest on loan is more than your bank deposits.   
2. Slow documentation processes: The documentation process is sluggish, and probably can eat away a lot of your time, leaving your disappointed.
3. Non-responsive bank employee: You might. have constantly change schedule due for doing your bank duties. 

But, they miss a piece of the puzzle called the Pre-approved Mortgage which can help you get a home loan fast and easily. although taking a loan is not as risky and difficult if you follow the following steps

3 easy Pre-approved mortgage sanction steps

A pre-approved mortgage is a mortgage loan for a future asset, the loan is received for a period depending on 3 months.  The bank enquires about your financial status for the qualification,  verifies your document., and grants you the desired amount required to pay for the property. 

To get a  pre-approved home  mortgage sanctioned follow the following steps:- 

1. Check these documents: As aforementioned, you should carry your ID, income and employment proof to the bank, for the mortgage sanction. The documents required in the sanctioning process are listed below:-  

• Identity card: an ID card to verify as a citizen.
• Employee ID card: Employee ID card for financial background confirmation. 
• Other Identity Proof: Other iD proof such as a social security number or home address, to confirm your citizenship.
• 6 months' statement: Get the last 6 month to check your financial credibility. 
• Last 12 months' loan statement: Last 12 months' loan statement to confirm your steady and stabilized financial cash flow. 
• Last 3 months' salary slip: Last 3 months' salary slip to confirm your employment status. 
• Last. 2years. IT returns or Form 16 ( TDS) : Get you IT return to ensure no tax defaulting on your behalf. 

2. Submit the desired property paper: The institution provides you a month to submit property papers. In that stipulated time submit your property paper, as mentioned in the sanction letter. 

t easy pre-approved mortgage with these simple steps! 

. Visit property/ home: If you think this step isn't important, let me tell you better think again, you might get a lot of disappointment. Despite, having an excellent credit score. In case of unauthorized property, the bank rejects your mortgage. So, you'd better visit the property, and meet the rightful owner, not the dealer.

4.Report the budget: To get a pre-approved mortgage sanctioned firstly, gather your documents, submit them for verification, visit a property, and submit the desired documents, the time the bank verifies the documents, you should find a property and submit the documentation.

DO's and don'ts for getting a Pre-approved mortgage sanction faster?

When you are getting a pre-approved mortgage, you should be cautious of any fraudulence and be aware of the standard of the mortgaging institution. 

Do's:-

• Do stick to your current job, it will project you as a financial stability candidate.

• Do get your loan sanction from the financial institution for faster results. 

• Do maintain a good credit score, before you approach any financial institution. 

Don't:-

• Don't have a loan sanction during the process.

• Don't change your current job. 

• Don't buy property without checking legal documents.

A pre-approved mortgage is home loan approval before you have purchased the property, the loan is based on your financial credibility and status. To get a pre-approved mortgage sanctioned firstly, gather your documents, submit them for verification,  visit a property, and submit the desired documents, in the meantime, the bank verifies the documents, you should find a property and submit the documents for the property purchased.

let understand the psychology behind the people loan averse behaviour

FAQ

How can you apply for a pre-approved home mortgage?

You can apply through a net banking app or straight away visiting a financial institution

What is the interest rate for a pre-approved mortgage?

The interest rate charged depends on your credit score, credibility and your yearly income.

What if I want to change the interest rate after the pre-approval mortgage?

Once an interest is declared for you, it can't change. In some conditions, it can change with a new -renewal.

How long does pre-approval mortgage last?

It depends from organization to organization but usually takes from a week to a month.