Three Key Tips to Ensure Mortgage Pre-Approval by Howard Zelin

Howard Zelin is the President at Zell Development Corp. and works for the acquisition, development and construction of various projects along the East coast.

Howard Zelin has also provided the three key tips in order to help ensure your mortgage pre-approval is not declined, when you might have thought about buying a new home and use a mortgage to cover some purchase costs. It is advisable to get an initial pre-approval from your lender before you put in an offer. His effective tips include -

• Certainly, a mortgage is a major financial transaction, carrying a definitive amount of risk for the lender. Therefore, Howard advises to demonstrate all your income sources and along with a good credit rating. It is also worthy to pay for the credit report before beginning with the pre-approval process for an excellent credit history. 

• Secondly, Howard Zelin also advice to choose the right property at the best price, as the home you’re buying will be used as a collateral to back the mortgage. The lender will see that there is enough value in the home to cover the cost of mortgage, therefore, keep in mind that each lender will have their own target loan to value ratio, which they prefer to work with.

• Moreover, you can start the process with more than one lender, if you feel the income or your credit history is not perfect. Each of them has their own set of qualification criteria that they use to assess risk. This is because a second option can help you in discovering more suitable mortgage with a better interest rate.

Following these tips can ensure you with an efficacious pre-approval from the desired lender. 

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