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Getting Pre-Approved for a Home Loan in Four Easy Steps

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Getting pre-approved for a home loan in four easy steps.

Getting pre-approved for your mortgage is one of the best ways to ensure the home-buying process runs smoothly. Many sellers these days expect a pre-approval letter as part of an offer, so take care of it early in your search with these four easy home loan steps.

Check Your Credit

Request a free credit score or see if your bank automatically provides you one. Higher scores qualify for better loan rates, and most lenders want a score of at least 620. You should also look over your credit history report. Make certain none of your accounts are delinquent, and that your report is free of errors. You may dispute any errors you find.

Determine Your Debt-To-Income Ratio (DTI)

This is the amount of money you owe every month vs. how much you earn. Lenders prefer a DTI of 36% or under, including your future mortgage payments.

Collect Your Paperwork

You’ll need a lot of documentation for your application including your Social Security Number (or Individual Taxpayer Identification Number for foreign nationals), current addresses, employment records, bank account information and proof of income. You will also likely need tax documents, such as W-2s dating back at least two years.

Contact Cardinal Financial

With their innovative approach to mortgage, Cardinal Financial offers a wide variety of products that foster a seamless lending process. Their team of experienced mortgage staff is committed to delivering a personal experience to every borrower every time. By integrating their proprietary technology in the process, Cardinal Financial is here to be the lender-partner for all your needs.

Finding the right house starts with finding the right neighborhood. After all, location is everything. However, evaluating a neighborhood can be tough, particularly if you’re moving to an unfamiliar area. Here are a few tips to help you in your search for your dream home in DFW.

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