First Pre-Qualified, then Pre-Approved - Starting the Loan Process
Posted March 05, 2014


You’ve transitioned from looking at houses online and doing drive-bys to finally being ready to get an inside look at the homes that you think could be great contenders.

Getting pre-qualified ….This involves providing information to a lender about your debt, income and assets. With this information they can give you an estimate of the mortgage amount you may qualify for (although not guaranteed). Getting a letter stating you are pre-qualified can demonstrate to sellers that you are a serious buyer. It can also give you an upper hand when sellers compare you to those who are looking at homes but, unlike you, haven’t taken the time to get pre-qualified.

You’ll then be able to discuss with the lender any additional needs you may have regarding the home mortgage process. You can also talk about the different types of mortgages available and which one may best suit your particular home buying needs.

Getting pre-approved … The next step is to choose a lender that you judge dependable and feel comfortable enough to work with. In the pre-approval process, you complete an official mortgage application through which your finances, credit rating, income and debt are all checked thoroughly. This may take some time after you’ve provided all of the required information and documents.

When completed, the lender can tell you the specific mortgage amount you have been approved for. When you find the perfect home, you’ll to be ready to make an offer, moving quickly and therefore minimizing your chances of losing the home to another potential buyer.

Posted By: Michelle Keaton-Barrow
March 05, 2014 10:08 PM




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