Obtaining a mortgage pre-approval is a crucial step that will allow you to navigate your homebuying experience with realistic expectations.
A pre-approval is more than a piece of paper – it is often a catalyst for a smooth, successful homebuying journey. With a pre-approval, you will gain several advantages while you are home shopping:
Having a pre-approval shows home sellers and all real estate agents involved that you are a serious and qualified buyer
A pre-approval helps you build the framework around a loan scenario that works best for you and your budget. When you are pre-approved for a loan, this will make clear the price-range of homes it makes sense to shop within. This pre-approval will also inform you the range that your monthly payment will be in. Having clarity on your purchase price range and monthly payment range will prevent disappointments later in the process.
A pre-approval will speed up the mortgage process, because your lender will have already gotten much of the necessary information needed to fund your home loan. In turn, a pre-approval will often speed up the process on closing on the home.
Getting pre-approved with Lyons Mortgage is a straightforward process guided by our experienced team:
Fill out our pre-approval application, providing information about your financial situation, income, and assets.
We will conduct a credit check to help determine your loan eligibility.
Gather required documents, which may include pay stubs, tax returns, and bank statements.
Our experts will review your application and documents to determine the loan amount you qualify for.
Once pre-approved, you’ll receive a letter that outlines your loan amount and terms, ready to present to sellers.
Time to start home-shopping!
Let Lyons Mortgage help you navigate homeownership. Reach out to us to start the pre-approval process, and let us do the work to make your homebuying dreams a reality.
Your mortgage payment typically consists of the following components, often referred to as PITI:
Choosing the right mortgage depends on your financial situation, goals, and risk tolerance. Fixed-rate mortgages offer consistent payments over time, making budgeting easier. Adjustable-rate mortgages (ARMs) might start with lower rates but can adjust over time. To determine the best fit, consider your long-term plans, how long you intend to stay in the home, and your comfort level with potential rate changes.
A fixed-rate loan maintains the same interest rate and monthly payment throughout the life of the loan. This offers stability but might have a higher initial rate. An adjustable-rate loan starts with a fixed rate for a set period, then adjusts periodically based on an index. Initial rates are often lower, but future adjustments can lead to rate increases.
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