If you’re buying a home for sale in Baton Rouge, you’ll probably want mortgage preapproval. Here’s why.
What is Mortgage Preapproval?
A mortgage preapproval is a vote of confidence from a lender that you’ll repay a loan if they give it to you, provided that your financial circumstances stay the same between the time you’re preapproved and the time you actually get the loan.
Why Do You Need Preapproval?
When you’re preapproved for a mortgage, you’ll know exactly how much you can spend on a house. You won’t have to waste time looking at houses that are out of your price range, and you’ll know which houses are less than what you’ll be able to afford, too.
Your preapproval letter can accompany an offer when you make one, too, to show sellers tha tyou’re actually qualified to buy their home.
How to Get Preapproval for a Mortgage
Your lender will ask you to provide information like:
- Documentation of additional sources of income (like alimony or child support, VA or retirement benefits, Social Security payments, commissions and bonuses, or interest and dividend income)
- Information on assets you have, such as a paid-off home, vehicles or investments
- Pay stubs
- Personal information, such as your driver’s license or passport
- Tax returns from at least the past two years
- Your Social Security number
When you provide that information, the lender will have underwriters working on your loan to determine whether you qualify.
Are You Moving to Baton Rouge?
Call us at 225-663-2015 or get in touch with us online to tell us what you’re looking for and we’ll start a custom search right away.
You can also check out our listings for Baton Rouge here:
- Single family homes for sale in Baton Rouge
- Condos for sale in Baton Rouge
- Luxury homes for sale in Baton Rouge
- Golf course homes for sale in Baton Rouge
- Waterfront homes for sale in Baton Rouge
- Baton Rouge homes with a pool
Want to search by price? Use these links instead:
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- Baton Rouge homes for sale over $1 million