Understanding pre-qualifying versus pre-approval

Before you look for the new home you have been dreaming about, call your favorite loan officer and let him guide you through the steps of financing.  By pre-qualifying and pre-approving for a mortgage, your financing can become truly customized and finely tuned to best help you achieve your family’s dreams.

When you contact the mortgage professional have ready:

Gross monthly income(s).

List of current monthly debts: payments on loans & credit cards, available.

How much money you have for the down payment and closing costs.

PRE-QUALIFICATION – Items 1, 2, and 3 listed above will determine your maximum sales price, loan amount, and monthly payment.  

Know the highest monthly payment with which you are comfortable.  

From the payment that fits your family’s budget, a good Mortgage Loan Officer can then tell you the loan amount and sale price that fits your expectation of a monthly payment.

PRE-APPROVAL –Start the approval process so that when you find your special home you will be better prepared to make an offer, close the transaction, and move in quickly.  

Did you know that some sellers only show their homes to pre-qualified buyers?