I recently had this excellent question from one my readers who is interested in getting preapproved:
I began filling out the loan application on the web, but stopped once I reached the part about the specific property, as I don’t currently have a property in mind. I believe what I am seeking to do [is] a true preapproval letter. I did read your post which clarified the difference between prequalification and preapproval. Is there a way to submit the full-doc information to you electronically to start the process for preapproval?
Mortgage Porter’s On-line Application (under Favorite Links) allows you to apply for mortgage preapproval before you have a property address. This is question is very valid because there is not a formal way to select that the property has not yet been found. Ideally, home buyers should get preapproved before they make an offer on a home. Anyhow, where the application asks for a property address, simply enter:
123 TBD St., Your City, WA, Your Zip (NOTE: I’m only licensed to help those who need a mortgage in Washington State).
During these historic times in our mortgage industry (and actually, in any time) it’s crucial to get preapproved BEFORE you begin to shop for your next home.
I’m really glad that I was emailed this question so I could address it…otherwise, I might not have caught this. Thanks!