Why do I need to get pre-approved?
Once you have an idea of the type and size home you want and the
area you’d like to look in, you need to be pre-approved by a
lender. By doing this, before looking for a home, you will save yourself
time, energy and frustration because pre-approval can:
Determine how much home you can afford
Pre-qualification helps you avoid buying less home than you can afford
or being disappointed if you don’t qualify for as much as you
had hoped.
Shows what your Total Investment will be
You’ll know approximately how much money you’ll need for
down payment and closing costs.
Lets you know what monthly payment will be
You’ll have a close estimate of what your monthly principal,
interest, taxes and insurance (PITI) will be.
Identifies the Loan Programs you can qualify for
With the wide variety of loan programs available, it is important to
know which types you qualify for and which will best suit your needs.
Strengthens Your Offer
Seller are more inclined to accept realistic offers when they know
that you have taken the time to be interviewed by lender and can probably
qualify for the loan.
What does it take to get pre-approved?
It can be easier than you think. With a free short phone consultation
I can provide with your credit rating, an approximate amount you qualify
for, and a list documents needed for a complete approval.
If you can fax us a few documents such as
recent pay stubs, last 2 years W2 statements, and a recent bank statement
we might be able to provide you a pre-approved letter within 15 minutes.
When you are pre-approved you’ll receive a FREE Pre-approval
letter to give it to your real estate agent. The seller will be more
likely to accept your contract because they know you are approved to
buy their home.
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