Stewart Brown Jr – Mortgage Loan Originator – Purchase or Refinance

Pre-Approval - Stewart Brown, Jr. | Mortgage Loan Originator | NMLS #2073694 | (215) 317-6295 | sbrownjr@nexamortgage.com

Learn about the Mortgage Pre-Approval Process

Get pre-approved today for the home of your dreams with Stewart Brown, Jr. Mortgage pre-approval is a commitment from a lender to provide you with home financing up to a customized pre-approved amount. A mortgage pre-approval is issued by your lender to show home sellers that you’re a serious buyer.

Why is a mortgage pre-approval important?

In the highly competitive real estate market, if you plan to finance a home purchase, a mortgage pre-approval from a lender is critical. This is especially true when multiple buyers are competing for the same property. A lender pre-approval letter should always be included in your offer to the seller. A pre-approval is more attractive to a seller than a pre-qualification because it means the lender has done more due diligence to determine whether you are financially qualified for the loan.
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Pre-Approval - Stewart Brown, Jr. | Mortgage Loan Originator | NMLS #2073694 | (215) 317-6295 | sbrownjr@nexamortgage.com

We can help with your Pre-Approval

You just visited a property and decided you want to make an offer right away, but it’s a weekend afternoon, and most lenders are out of the office. Stewart Brown, Jr. understands that real estate doesn’t take weekends off. We are available to execute a pre-approval when you need us. Our goal is to ensure you win.

What forms do I need to complete for a Pre-Approval?

– Our loan application.

– An authorization agreement granting us permission to obtain your credit history from a credit reporting bureau.

Pre-Approval - Stewart Brown, Jr. | Mortgage Loan Originator | NMLS #2073694 | (215) 317-6295 | sbrownjr@nexamortgage.com

What documents should I be ready to provide for a Pre-Approval?

1.Identification Government issued ID for each borrower – this can be a state-issued driver’s license, birth certificate, or passport.

2.Proof of Income Employees – most recent pay stubs Self-employed – profit and loss statement Passive income – most recent financial asset statements

3.Financial Asset Statements – At least two months of your most recent statements, including: Bank checking and savings Brokerage Retirement fund – 401K, pension, self-funded ( ROTH, SEP, Individual), annuities Trust 4.Tax Returns Employees – W-2 forms and tax returns for the last two years. Self Employed – Profit and loss statements, 1099, and tax returns for the last two years. Passive Income – Tax returns for the last two years.

After you're Pre-Approved

As your pre-approval has an expiration date, you’ll want to move quickly after getting pre-approved. First, you’ll need to find a realtor to work with. Stewart Brown, Jr. has a network of realtors that we can recommend for you to use. Clients should put as much time and care into selecting their realtor as they did their mortgage lender. Your realtor is going to be the key to helping you find the home of your dreams. When your realtor knows you have a pre-approval letter, they’ll act quickly to get you set up for viewings.

Pre-Approval Benefits

Once a lender pre-approves you for a mortgage, you’ll get a pre-approval letter you can then take to sellers. This letter shows sellers you’ve already started working with a lender, and that lender has thoroughly reviewed and analyzed your credit, income and assets to determine your eligibility for financing.  A Pre-Approval gives sellers peace of mind to know they won’t be wasting their time with someone who can not afford their home.

Pre-Approval Expiration

All mortgage pre-approval letters have an expiration date. Many things can change after you get pre-approved, such as your income, credit history, available assets for down payment and closing costs and even the interest rate.  Because of these variables, your pre-approval normally only lasts for 60 to 90 days. When the pre-approval expires, you’ll have to update your paperwork in order to get a new one.

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