Getting Prequalified or Pre-approved
Getting prequalified for a home loan is your first step in house hunting. This allows you to narrow down your
search to homes a lender feels you can afford based on a quick review of your financial situation. A mortgage lender
will take into consideration your debt, income and assets. Usually there is no charge for a simple prequalification.
It is also not a thorough review or comprehensive effort on the lenders part and is usually a quick process.
Why get pre-approved instead of just getting prequalified?
Getting pre-approved is a much more thorough process involving completing a comprehensive mortgage application. The lender
will check your credit rating and financial background. When approved the lender will then give the exact amount
they are willing to finance for you. This allows you to further narrow your search for the home that meets your criteria.
Being pre-approved is a time saver and forgoes a disappointing surprise farther along in the process. You will know
exactly how much you can afford to spend and you won't waste time looking at homes out of your price range or even
less home than you anticipated.
Also, being pre-approved lets you move quickly when you find that dream home. Your agent and the seller will both know you
are willing and able to buy. It also puts you out in front when that home is a desirable property and other parties are interested.
Give us a call or email us. We will be happy to guide you through the process of prequalifying or pre-approval.
Esta and John Ingle