| GETTING PRE-APPROVED ~ THE BEST APPROACH |
In today's market if you're serious about buying a home, you need to obtain pre-approval from a reputable lender before you embark on your home search. Your buyer's agent will be happy to help you find a lender who will work hard to find the right loan for you.
Don't confuse pre-approval with pre-qualification. Most lenders can pre-qualify you for a mortgage over the phone. Based on general questions about your income, debt, assets, and credit history, lenders can estimate how much mortgage you qualify for. While this can give you a general idea of what you can afford in a home, it's just an estimate. In a hot market, pre-qualification should include a credit report.
Pre-approval means that you've actually applied for a mortgage--you've filled out the mortgage application, received your credit report, and verified your employment, income, and assets. When you are pre-approved, you know exactly what you qualify for and at what rate, you know how large your monthly mortgage payments will be, and you know how much you will have for a down payment.
A pre-qualification letter without a credit report doesn't count for much if you're competing with other buyers who are pre-approved. When you're pre-approved, you and the seller know exactly how much house you can afford. It gives you credibility as a buyer, lets the seller know immediately that you can qualify for a loan to buy the home, and maximizes the likelihood that your offer will be the one accepted by the seller. |
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| Lisa C. Mattise |
Mobile
434-981-0354 |
Fax Number
1-866-986-2426 |
Office Number
434-220-9295 |
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| RE/MAX ASSURED |
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