If you're considering the purchase of a new home, you may be concerned with the issue of finance. Getting pre-qualified is the first step, and the right mortgage is key in the home buying process. Most lenders offer pre-qualification, pre-approval, or both , so you know where you stand. I'll explain the difference.
PRE-QUALIFICATION is a preliminary estimate of how much you can afford to pay for a home based on information you provide. Credit and employment information are not validated, it's only a rough idea of a monthly mortgage payment and loan size. It is a useful guide as you begin the home buying process.
PRE-APPROVAL is a written communication from your lender to finance your home purchase up to a set amount, The lender has taken a close look into your financial history and has agreed to lend you a specific amount of money, based upon a finalized sales contract and a professional home inspection. Pre-approval indicates to the seller that you are a serious home buyer.
Regardless of which option you choose, or even if you take both steps, you and your Realtor can shop with confidence. Why wait until you find the perfect home to discover problems with obtaining a mortgage?
If you'd like more information on the lo an process or buying the home of your drams, just call or text 502.648.1918.
Author:Bob Armstrong Phone: 502-648-1918 Dated: January 31st 2016 Views: 136 About Bob: ...
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