Mortgage Pre Approval Tips

by Maribeth Lynch

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Thinking of Buying a New Home? Get Pre-Approved Now!

 
Buying a new home is largely contingent upon securing financing. Whether you’re a first time homebuyer or you’ve been through the process before, I believe the single best step you can take toward obtaining a home mortgage loan is to seek a loan pre-approval letter from your lender before even starting your home search.
 
“Why?” you might ask, particularly if you are currently paying on a mortgage loan. Well, the answer is very simple. Having a pre-approval letter in hand when searching for a new home can not only give you a clearer picture of how much home you can afford, but it can strengthen any offer you make on a home because you won’t be seen as a wild card when it comes to obtaining financing.
 
Here’s a checklist I’ve put together to take you through the steps of obtaining that all-important loan pre-approval.

     

  • Start with the Internet. Request a free copy of your credit report at www.annualcreditreport.com. Your credit score and helpful credit tips are also available – visit www.MyFico.com. If you have any blemishes on your report, you’ll want to try to address these before approaching a lender. It’s important to start the entire process armed with knowledge about your credit situation.
  • Put together a folder of financial information. Your lender will want to see copies of recent paycheck stubs, bank statements, and copies of at least the most recent two years of your income tax returns. Make lists of your debt (auto and student loans, credit cards, and other lines of credit or accounts you pay on monthly) and your assets, like retirement savings and investment accounts.
  • Calculate how much money you can comfortably put toward a down payment. While traditional thinking would suggest that a down payment of 20% is necessary for a home purchase, certain types of loans require a much smaller amount of money down (FHA loans require as little as 3.5%) while other types of mortgages (like VA loans) may require no money down. Your lender can help you determine whether you qualify for these types of loans.
  • If you are using a cash gift from a family member toward your down payments, find out from your lender what necessary documentation you will need to provide.
  • Ask your real estate agent about a reputable lender in the area. Local mortgage experts can provide you with proper financial guidance while retaining a personal touch.
  • Begin the pre-approval process with your chosen lender. Your loan officer will take into account your credit history, income, employment records, and current assets and debt. Be prepared to supply your lender with any additional documentation as requested.
  • Your lender will examine your documentation, determine how large a loan you qualify for, and inform you of any stipulations. You’ll receive a pre-approval letter – a document of utmost importance when you make an offer on a new home.
  • Your job now is to keep things steady. You shouldn’t change your employment, make any substantial purchases (such as a car), close lines of credit, or make any large payoffs. Lenders like to see consistency.
  • Double-check with your lender to find out how long your pre-approval will hold (generally 30 to 45 days). Make sure you renew your pre-approval as necessary!

 
Obtaining loan pre-approval is pretty straightforward, particularly if you have favorable credit standing and can prove steady income and employment. And as I said, it’s a vital first step in the home buying process, so if you’re thinking of purchasing a new home, make sure to get started on that pre-approval process right away!

“Anthony’s advice and assurances during these times helped us achieve another record-breaking year, states Maribeth Lynch, Founder of Thrive Real Estate and Lamacchia Realty REALTOR®.

“When the opportunity to merge with Lamacchia arose, the timing was perfect. We knew both our clients and agents would benefit from this partnership, allowing everyone to THRIVE. Having gotten to know the leadership team at Lamacchia has made our decision to merge with them an easy one. Our values are very much aligned, and we know that offering their robust marketing and training will benefit both our clients as well as our beloved agents.”

Along with Maribeth and Rick, five REALTORS® will join Lamacchia Realty, including Briana Willander, Ashley Davidson, Whitney Andrews, Mike Andrews, and Tracey Calo. REALTORS® of Thrive are like-minded professionals who work in unison and pride themselves on local knowledge and creative problem-solving, all for the benefit of clients.
As the broker-owner of Thrive Real Estate Specialists, Maribeth has been and will continue to be devoted to serving both her clients and her community with integrity, sincerity, and a can-do attitude. Her firm welcomes opportunities to give back and be charitable in meaningful ways and Maribeth believes in the importance of service. The Massachusetts Commission on the Status of Women selected her as a 2022 recipient of The Commonwealth Heroes Award, and she was a 2021 recipient of the Gratitude Project Award from the Massachusetts Association of REALTORS®.

“We are so happy to have Maribeth, Rick, and the rest of the Thrive group joining forces with the company, states Jackie Louh, Chief Operating Officer, Lamacchia Realty. “Maribeth is a well-known and respected Broker in Worcester County, and we are honored that she chose Lamacchia. We are excited to grow even more in that area and Maribeth is the perfect person to help us do just that!”

Maribeth along with the REALTORS® at Thrive Real Estate has been involved with many organizations over the years, most recently: REALTOR® Association of Central Mass- Committee Chairman, Broker/Owner Task Force, REALTOR® Association of Central Massachusetts- Board of Directors 2025, Shrewsbury Zoning Board of Appeals, Chairman, Shrewsbury Town Center Association, Founding Member, Shrewsbury Yuletide/Light the Commons, Committee Member, among many more. In addition to being involved, they also advertise and support the College of the Holy Cross where Thrive is prominently displayed on scoreboards and other places.

Lamacchia Realty’s already very aggressive marketing campaign in the region will dramatically boost the company’s market reach and help add more top-rated REALTORS® to the Shrewsbury office. The marketing plan features billboards on Route 9 and other major roadways, social media posts, postcards, newspaper ads, and much more.

All home buyers, sellers, tenants, landlords, REALTORS®, and other brokerages in the area should know that it is business as usual at the company. There will be no interruptions in service to any clients anywhere. In the weeks to come Lamacchia’s management team and staff will work with Maribeth, Rick, and all the REALTORS® at Thrive who are now Lamacchia Realtors to slowly implement Lamacchia’s suite of lead products, services, training, technology, and more.

This marks Lamacchia Realty’s ninth acquisition in Massachusetts in the past year with the prior acquisitions in Pittsfield with Home Sweet Home Real Estate, Dalton with Berkshire Dream Home, Easton with Briarwood Real Estate, Auburn with Emerson Realtors, Springfield with Sears Real Estate, Falmouth with Foley Real Estate, Fall River with Right Choice Real Estate, and Seekonk with Keystone Property Group. Lamacchia Realty is excited to bring on even more REALTORS® in MetroWest and Central Massachusetts markets in the weeks and months to come.

As a full-service, value-based brokerage, Lamacchia Realty’s mission is to empower its staff, REALTORS®, and clients to achieve success. The company provides unmatched training, systems, and technology, equipping employees with the tools they need to thrive and grow in their roles. Lamacchia Realty takes great pride in its strong culture of support, which has contributed to an impressively high retention rate. Culture is at the heart of the company, with every staff member and agent playing an integral role in maintaining and enhancing it, helping them continue to grow!

Thrive Real Estate- logo on football scoreboard as official sponsor for Holy Cross
Thrive at the Holy Cross Football Field
Thrive at Holy Cross Hockey Rink
Thrive at Holy Cross Hockey Rink

Lamacchia Realty’s already very aggressive marketing campaign in the region will dramatically boost the company’s market reach and help add more top-rated REALTORS® to the Shrewsbury office. The marketing plan features billboards on Route 9 and other major roadways, social media posts, postcards, newspaper ads, and much more.

All home buyers, sellers, tenants, landlords, REALTORS®, and other brokerages in the area should know that it is business as usual at the company.  There will be no interruptions in service to any clients anywhere. In the weeks to come Lamacchia’s management team and staff will work with Maribeth, Rick, and all the REALTORS® at Thrive who are now Lamacchia Realtors to slowly implement Lamacchia’s suite of lead products, services, training, technology, and more.

This marks Lamacchia Realty’s ninth acquisition in Massachusetts in the past year with the prior acquisitions in Pittsfield with Home Sweet Home Real Estate, Dalton with Berkshire Dream Home, Easton with Briarwood Real Estate, Auburn with Emerson Realtors, Springfield with Sears Real Estate, Falmouth with Foley Real Estate, Fall River with Right Choice Real Estate, and Seekonk with Keystone Property Group. Lamacchia Realty is excited to bring on even more REALTORS® in MetroWest and Central Massachusetts markets in the weeks and months to come.

As a full-service, value-based brokerage, Lamacchia Realty’s mission is to empower its staff, REALTORS®, and clients to achieve success. The company provides unmatched training, systems, and technology, equipping employees with the tools they need to thrive and grow in their roles. Lamacchia Realty takes great pride in its strong culture of support, which has contributed to an impressively high retention rate. Culture is at the heart of the company, with every staff member and agent playing an integral role in maintaining and enhancing it, helping us continue to grow! 

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