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Corcoran Legends
Rob Lowenthal, Corcoran LegendsPhone: (914) 450-8120
Email: [email protected]

Getting preapproved for a mortgage: The basics

by Rob Lowenthal 07/22/2022

Getting preapproved for a mortgage is an essential part of the home-buying process. While it’s possible to wait before securing your financing, there are major benefits to getting preapproval early.

For more information about preapproval, here are the basics to consider:

When to get preapproval

It’s recommended that would-be homebuyers obtain a preapproval letter from a mortgage lender as soon as possible in their buying process. The earlier you take care of this important step, the earlier you’ll know exactly how much money you can afford to spend on a home. This can help you narrow down your home search.

Why get preapproval

In addition to helping your home search, getting mortgage preapproval also shows sellers you are a qualified buyer. Preapproval requires a careful examination of your financial situation, including factors like debt-to-income ratio and liquid assets.

Going through the process confirms your eligibility for a mortgage and communicates to sellers that you’re less likely to back out of a sale.

How to get preapproval

Compare mortgage lenders to find the best fit for your needs. You can request a loan estimate and mortgage preapproval letter from a lender after providing essential documentation like investment account statements, bank statements, pay stubs and credit report.

If you intend to buy a home, it’s a good idea to get preapproved for a mortgage sooner rather than later. The more prepared you are with your finances, the more effective your home search will be.

About the Author
Author

Rob Lowenthal

“I don’t sell homes, I change lives.”

A licensed real estate salesperson since 2016, Rob is affiliated with the Briarcliff Manor office of Corcoran Legends Realty. He serves buyers, sellers, renters, in Westchester, Rockland, and Putnam counties. Rob, a native of New York and Westchester County for most of his life, brings an extensive local knowledge of both residential and commercial properties to the table. His experience includes a wide range of property types – single-family, multi-family, condos and mixed use. “Hard to sell” properties is where Rob really excels. “There’s no problem that cannot be solved.”

Rob is certified for many different disciplines in real estate. Cartus Relocation Network Agent, AARP Agent, National Tenants Network (NTN) Agent, Green certified and Pricing Strategies Master. In addition, Rob has completed the Leader’s Edge Advanced training to better serve his clients. Rob has been both associate of the month and top closed dollar agent.

When you work with Rob, you get the feeling you’re his only client. Numbers don’t count, you do. Clients always come first. Each transaction is handled as if it were his own home. Rob strives to make the process as seamless as possible and takes care of all the details, no matter how small. His clients rave about his above-and-beyond service and prompt informative communication. Rob is easy going, friendly, and patient. However he can be a determined and aggressive negotiator when the need arises.

When not out actively working on behalf of his clients, Rob spends time with his wife and two teenage daughters. A devoted supporter of community he sits on several local boards and volunteers for numerous locale nonprofit organizations. He enjoys cycling, hiking, kayaking and winter skiing.

May your price be right, and your sale be swift!”