When preparing to buy a home, many potential buyers turn to online preapproval to jumpstart their loan process. While it’s a good idea to compare multiple lenders to find the best down payment option and interest rate, getting mortgage preapproval online can have its advantages.
Prequalification for a mortgage is based on a basic overview of your financial situation and the types of loans available to you. Prequalification is helpful for potential borrowers who want to know their options before getting into an official vetting process.
Mortgage preapproval is the official statement from a lender showing you’re financially equipped to pay for a specific loan. Unlike prequalification, mortgage preapproval requires official financial documents like bank statements, pay stubs and W-2s. It also involves a credit report to gain insight into your financial details.
Many lenders offer online application processes for gaining a preapproval letter. Some lenders operate entirely online, making the process extremely convenient and streamlined. However, you still need to provide specific documents, so it’s best to gather this information beforehand to ensure it goes smoothly.
While preapproval doesn’t immediately give you the money to buy a home, it’s an important step to take in your homebuying journey. Not only do many real estate agents require proof of mortgage preapproval before helping your home search, but it will give your eventual offer more weight in a competitive market.
Getting preapproved for a mortgage loan also means you’ve done most of the work for your mortgage ahead of time, and won’t need to do as much work during closing. This can make your buying process much smoother and quicker, giving you more time to focus on moving into your dream home.
Licensed since 1983 Donna is a well known and well respected veteran of the local real estate market. Donna has made her mark as both a manager of a brokerage firm and as an agent. Ms. Coakley McGowan has participated in extensive training in residential real estate and specializes in both Buyer and Seller Agency.
"I am extremely pleased to welcome an Associate of Donna’s caliber and expertise” said Judy Leonelli, Owner. "I have known Donna for many years and have admired her professionalism and talent for the pragmatic resolution to the difficulties that can arise during a transaction. When Donna is involved you know there will be a successful outcome.”
Ms. Coakley McGowan has lived in Upton since 1995 and knows the area and all of its attributes. She currently serves the Town of Upton and the Regional School District as Chairperson of the School Committee. She and her husband Mark and their two children reside in Upton.
