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Do you still have doubts about obtaining a pre-approval for a mortgage? Would you like to get one but has no clue where and how to start? Tune in to this episode of The Real Estate and Mortgage Show as Walter Monteiro tackles how you can get a mortgage application pre-approved and things you should know to increase the chances of approval.\nStandout Quotes:\n\u201cWhen we start a conversation with buyers, many of them have not spoken to a lending institution or a mortgage broker. They just make the assumption that they\u2019re going to have no problem getting a mortgage thinking their credit is good, or they have a good job, and they can get it pre-approved.\u201d [Walter]\n\u201cLenders look at a few things, they look at your credit rating, they look at your ability to sustain payments, which they call the GDS, and TDS ratio. Those are the percentages of your income, your job stability, all of that kind of stuff. And you need to be aware of what your options are because when you go into the arena of trying to buy a home in today\u2019s environment, it is very, very tough.\u201d [Walter]\n\u201cDo you think that there\u2019s going to be any chance whatsoever of the seller entertaining an unconditional offer? Highly unlikely. The only likelihood that could be is that you make an offer that\u2019s more attractive than the others, and it has a condition.\u201d [Walter]\nKey Takeaways:\nIt\u2019s nearly impossible to obtain approval for an unconditional or conditional offer because we are in a competitive industry. If you\u2019re not going to receive a pre-approval, you\u2019re extremely risky by making no unconditional offers until you know what you can live with.\nWalter showed a property priced for approximately $799 and was a great home. However, the listing agent informed them within hours that there were 29 offers on the house.\nThe proper way to do a pre-approval is to go through the process of providing job letters and all of the information that a lender wants to see if it\u2019s an actual mortgage. Some lenders only offer pre-approvals. They\u2019re deluged with a business that they don\u2019t have time to underwrite pre-approvals, only live deals. As a result, you\u2019ll have to rely on your mortgage professional to evaluate this information. Hence, it\u2019s critical to work with a mortgage professional.\nBanks are primarily concerned with two aspects of funding. The first question is, can the client afford this mortgage, correct? Are they financially stable, do they have a down payment, and all that sort of thing?\nThe bank is, in fact, the one who bears the risk. As a result, they have a component called the \u201cloan to value\u201d In other words, they will only pay a specific proportion of the property\u2019s worth or the purchase price, whichever is smaller. Therefore, unless you have those means available to you, you run the risk of putting yourself in a legal predicament in which you risk being sued, losing your deposit, and much more. So, you must obtain pre-approval before you begin browsing for a home.\nEpisode Timeline:\n[00:03] Should you get a mortgage approval?\n[00:12] Is it essential to talk to lending institutions or mortgage brokers?\n[00:29] Why is it impossible to get an unconditional offer?\n[00:51] Is budgeting Important?\n[01:50] Should you be competitive with your offers?\n[02:08] Is it essential to get pre-approved?\n[02:50] Should you consult a mortgage professional?\n[03:18] What are the two elements of financing?\n[03:34] Who takes risks?\n[04:02] Is it essential to get a pre-approval when shopping for homes?\n[04:26] Who are the recommended professionals?\n\xa0\nLearn more about Walter Monteiro and The Real Estate and Mortgage Show at:\nVisit the site for preapproval: www.myhomepreapproval.com\nWebsite: https://therealestateandmortgageshow.com/| http://www.waltermonteiro.com/\nLinkedIn: https://www.linkedin.com/in/waltermonteiro/\nTwitter: https://twitter.com/waltermonteiro